Hershey pulls out of Cadbury takeover race

US chocolate firm Hershey cleared the way for Kraft’s £11.9bn (€13.6bn) takeover of Dairy Milk firm Cadbury today after it said it would not make a counter-bid.

Hershey’s formal withdrawal from the race comes three days after an improved Kraft bid was recommended by Cadbury’s board.

The Oreos-to-Philadelphia cheese maker’s 840p-per-share offer is set to end the independent history of the British firm, which dates back to 1824.