Five Dumbest Things on Wall Street: Jan. 8
Like Pizza for Chocolate
In yet another twist to the long running saga, Kraft announced this week its plan to sell its North American frozen pizza business to Nestle for $3.7 billion. Kraft said it plans to use the proceeds to raise the cash share of its $16.4 billion bid for British candy maker Cadbury.
Boy, those two companies must have bonded over some late night pizza negotiations, because Nestle also conveniently declared it is not interested in acquiring Cadbury on Tuesday. That leaves Hershey (HSY) without a potential partner and Kraft CEO Irene Rosenfeld with a Jan. 19 deadline to raise her bid.
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