The charitable trust that controls Hershey, the US chocolate maker, has taken the first steps towards winning the local political approval it may need to outbid Kraft with a $17 billion offer for Cadbury.

But one prominent Cadbury investor reduced its bet on a bid battle, with Nelson Peltz’s Trian Partners selling about 10 per cent of its 3.3 per cent stake for between 805p and 812p. Trian acquired its stake in 2007, when the Cadbury price was higher than it has been at any time since then, and influenced Cadbury to sell its soft drinks business last year. – (Copyright The Financial Times Limited 2009)