A multi-billion euro hostile takeover bid’s been dismissed by Cadbury.

US food giant Kraft had put in a second offer of just over €11 billion.

But bosses at the chocolate-maker say it’s worth less than a previous bid – because Kraft’s share price has dipped.

Cadbury is the world’s second-largest confectionery group.

Fox Business reporter Chris Cotter – in New York – says it may not be a good long-term deal for Kraft.

“The debt that Kraft would bring on to get this deal done, may not be worth the growth that Cadbury would offer them – in terms of a geographical footprint in Europe and also just being able to expand their product offering” he said.