Swiss food giant Nestlé SA is offering about $11.5 billion (€11.69 billion) to acquire US rival Hershey Foods, USA Todayhas reported.
Citing sources, the newspaper said Nestlé presented a preliminary bid of $82 to $85 a share.
However, the sources said any bid for Hershey now would be preliminary and talks could fall apart at any time. Nestlé and Kraft Foods have expressed serious interest in bidding for Hersey, so far, they said.
Hershey Foods stock, which traded at $62.50 per share just before news of a possible sale emerged last month, closed on Friday at $75.03, up 24 cents, on the New York Stock Exchange.