Ferrero has ruled out a rival bid for Cadbury, clearing the way for Kraft Foods to complete its £11.7 billion ($18.9 billion) proposed takeover of the British confectioner, Reuters reported.

Fellow chocolate maker Hershey said on Friday it had no intention of bidding for Cadbury, so with Nestlé already ruled out, Kraft appears on course to complete its recommended bid by the deadline of Feb. 2.

“Further to its announcement of Nov. 18, 2009, Ferrero International SA confirms that it does not intend to make an offer for Cadbury,” the Italian group said in a statement on Monday.

Potential bidders Hershey and Ferrero, which had both said on Nov. 18 they were considering bids for Cadbury, were given until 2 a.m. E.S.T. on Jan. 25 either to come up with a fully financed bid or withdraw.

Source: The New York Times