Kraft sweetens Cadbury offer

Swiss food giant Nestle pulls out of race for British confectioner

NEW YORK/ZURICH: Hopes of a takeover battle over British confectioner Cadbury receded as Nestle ruled itself out as a suitor and Kraft sweetened its hostile 10.2 billion pound ($16.4 billion) offer.

Shares in Cadbury fell as much as 2.4 percent after Switzerland's Nestle, the world's biggest food group, said it did "not intend to make, or participate in, a formal offer".