Nestle bid move boosts Hershey’s share value

SWISS food giant Nestle appeared yesterday to be moving more quickly than expected towards a multi-billion dollar bid for American chocolate icon Hershey Foods Corp, boosting Hershey’s shares.

Analysts and bankers expect the world food and drinks leader to bid aggressively for the famed maker of Hershey’s Kisses, although Nestle faces local opposition to the sale which might cost it its top credit rating.

Sources close to the situation said Nestle and several other firms toured the Hershey manufacturing facilities and started reviewing the company’s financial records in recent weeks.