As a trophy brand, Cadbury should have many suitors. Look closer and the field narrows. Mars is still in hock after buying Wrigley and the competition hurdles are too high. PepsiCo might fancy adding chocolates to its salty snacks but seems an outside prospect. That leaves Nestlé and Hershey. Most likely, neither could bid alone but they could team up.

The Swiss food giant faces becoming a distant third in global confectionery if a Kraft-Cadbury merger creates a challenger to mighty Mars-Wrigley. That alone might stir Nestlé into action. Antitrust concerns would probably prevent it from buying Cadbury’s chocolate business but it could target the fast-growing gum division. It could present that as consistent with its wellness and nutrition focus, touting gum’s “functional” possibilities as a dental product and carrier of drugs. With a put option enabling it to offload to Novartis its remaining 52 per cent stake in its Alcon eyecare subsidiary from January 1, Nestlé could also afford it.