Sweet
Hershey is preparing a bid for Cadbury that would top Kraft’s hos tile $17 billion takeover offer, reports said yes terday.
Deficit
The Treasury Depart ment said that the US budget deficit last month totaled $91.85 billion, the largest December deficit on record, up from a $51.75 billion shortfall a year ago.
Rating cut
California’s credit rat ing on a $64 billion bond offering was cut by Stan dard & Poor’s yesterday as the state faces renewed strains over a $20 billion budget deficit. The state’s rating was lowered one level to A-.
Real moves
RealNetworks founder Rob Glaser has stepped down as CEO, but will keep his chairman title. The digital-services com pany also said it has ap pointed Robert Kimball president and acting chief executive.
MGM bids
Time Warner, Lions Gate Entertainment and private-equity firms are among suitors weighing potential offers for the debt-ridden MGM stu dio. Bids are due on Friday.