Ferrero drops out of Cadbury race

Italian confectioner Ferrero ruled itself out of the Cadbury takeover race today after last week’s recommended £11.9bn (€13.5bn) bid from US food giant Kraft.

Ferrero – famed for its Rocher chocolates and advertisements – had been weighing up its options over the Dairy Milk maker since November amid rumours of a joint approach with US rival Hershey.