Hershey has a problem. The US chocolate market has been melting steadily for the past decade. If Kraft buys Cadbury, Hershey will be marooned in North America with little prospect for growth.

Cost cutting can help, as it did in Thursday’s third-quarter results. Like UK peer Cadbury, Hershey managed to raise prices this year. Ultimately though, the group must try to improve its share – already 44 per cent of US chocolate volumes – something it has failed to achieve for the past 10 years.