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Billionaire Paulson Raises Cadbury Stake Again

Published: Wednesday, 11 Nov 2009 | 1:20 PM ET

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By: Reuters

Hedge fund billionaire John Paulson raised his firm's stake in Cadbury on Wednesday and now holds 2.54 percent of the British confectioner, the subject of a hostile bid by U.S. food group Kraft.

Kin Cheung / AP
Billionaire John Paulson raised his stake in Cadbury again on Wednesday.

Paulson became the industry's highest-paid manager in 2007 by betting that U.S. house prices would fall. His firm Paulson & Co now holds 34.9 million shares in Cadbury [CBY Loading... () ], a British regulatory filing showed on Wednesday.

On Tuesday, Paulson doubled the stake in Cadbury to 2.08 percent, buying 14.8 million shares.

Kraft [KFT Loading... () ] on Monday took its $16.2 billion offer straight to shareholders, refusing to sweeten its bid price, and setting the stage for a takeover battle that could take months.