Ferrero bows out of Cadbury bid

LONDON It seems Kraft's bite out of Cadbury won't be soured with an additional bid for the British confectioner.

Italian chocolatier Ferrero, maker of such products as Nutella and Ferrero Roche, told reporters Friday it had no intention of bidding for Cadbury. The news follows Nestle's election to not place a bid on Cadbury, giving way for Kraft to complete its recommended bid by Feb. 2.

Rumors also have swirled that Hershey may attempt to outbid Kraft, although Hershey has denied those claims.

Last week, Cadbury accepted Kraft's offer to purchase the U.k.-based company for for 11.7 billion pounds (U.S. $19 billion).