CADBURY GAINS TIME

The company asked the Takeover Panel to extend the deadline for releasing the update to January 15, four days before the January 19 deadline for Kraft to launch a revised offer. Cadbury shares rose 3p to 795p.

The move came amid reports that the Hershey Trust, which controls potential counter-bidder Hershey, may meet next week to discuss launching an independent offer for the Dairy Milk maker.

It may also be considering a joint bid with Ferrero. The ­Italian confectionery group has recently said it is still looking to join the bidding.

Earlier this month Cadbury raised growth targets. These were described as overambitious by Kraft.

A Cadbury spokeswoman said yesterday: “Shareholders will be able to review the most up-to-date information on our performance as they evaluate Kraft’s offer.”

Chief executive Todd Stitzer has said Hershey would be a better fit for the company than Kraft, sparking speculation of a possible white knight deal.