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Sources: Hershey, Ferrero Vie For Nestle's U.S. Business
- CNBC, Tuesday, January 9, 2018 8:05 AM
Candy giants The Hershey Co and The Ferrero Group both submitted final bids on Friday to acquire Nestle's U.S. confectionery business, sources familiar with the situation tell CNBC. The business, which includes Butterfinger, Baby Ruth, Sno-Caps and Laffy Taffy, is valued at $2 billion to $2.5 billion, the sources added. The sources noted that Ferrero, best known for its Nutella chocolate spread and Ferrero Rocher bonbons, appears to be the front-runner because it is more willing than Hershey to be aggressive on price.
