In Brief : Cadbury Bid Rescues Bassett

Beverage and candy maker Cadbury Schweppes PLC stepped in today to rescue another British firm, candy maker Bassett Food PLC, from a hostile takeover bid by a Swedish food company.

Cadbury Schweppes said Bassett, known for its licorice and chewy candies, had accepted its $159-million friendly takeover bid.

The deal was made a week after Bassett rejected a bid worth $110 million by Swedish consumer goods group Procordia AB. Procordia, 88% owned by the Swedish state, said it was considering its position.

Industry analysts said a Cadbury takeover of Bassett would increase its share of the British chocolate and candy market to 14% from 3%. Britain’s confectionary market is worth about $1.75 billion a year.