France’s Danone Joins Bidding for Nabisco

French food and water company Danone formally jumped into the bidding for Nabisco Group Holdings, saying it had entered preliminary discussions to buy the U.S. food maker. With the confirmation, the Paris-based company joined financier Carl Icahn and an estimated dozen other prospective bidders for the holding group, which owns 80% of operating company Nabisco Holdings Corp. Icahn, who has been trying to take control of the company sporadically since 1995, sweetened his latest bid to $6.5 billion, or $22 a share Friday. Shares of Nabisco climbed above that level amid expectations the company will be sold for closer to $25 a share. The stock closed up $3.38 at $23.06 on the New York Stock Exchange, partly spurred by a Wall Street Journal article that reported Philip Morris Cos., which owns rival Kraft Foods, and Cadbury Schweppes, the British confectionery and soft drinks company, also had expressed bidding interest. A spokesman for Parisppany, N.J.-based Nabisco declined comment. Philip Morris and Cadbury also declined comment.