Nestle to pick US chocolate biz buyer by end of week

Nestle plans to pick a buyer for its US chocolate business by the end of this week, sources said on Wednesday, in a deal expected to top $2.5 billion. Italy’s Ferrero is seen as a front-runner, according to others, who said that the maker of the Nutella spread was keen to boost its presence in the US market, following last year’s purchase of the US groups Ferrara and Fannie May. One source said Ferrero raised its offer for Nestle’s business last week in an attempt to outbid rival Hershey.