Nestle SA agreed Monday to sell majority stake of Alcon Inc. (NYSE: ACL) and announced a share buyback program, causing speculation for a bid for candy conglomerate Cadbury PLC (NYSE: CBY).
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Analysts believe that Nestle is dropping assets and adding cash in order to outbid Kraft Foods for the candy company. Kraft has offered to pay $16.3 billion in a cash and shares deal.
Nestle said Monday it is selling its 52 percent stake in Alcon for $28 billion to Swiss pharmaceutical company Novartis. The company added that the deal would allow it to launch a new 10 billion Swiss franc ($9.64 billion) share buyback program for two years once its existing 25 billion franc program is completed this year.
Cadbury, which is battling to remain independent, has confirmed receiving tentative approaches from The Hershey Co. (NYSE: HSY) and Italy's Ferrero International SA.
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