ZURICH/NEW YORK (Reuters) - Kraft is the most logical buyer for British chocolate firm Cadbury, but the US rival will remain "financially disciplined", one of the company's executives said yesterday.

"The simple fact is that Cadbury is worth what someone is willing to pay for it - nothing more," said Michael Osanloo, Executive Vice President, Strategy, Kraft Foods in a regulatory statement issued by the company following a media interview.

Cadbury rejected Kraft's £10.2 billion ($16.7 billion) offer for the world's No. 2 confectionery group, and speculation is swirling about whether the American rival will raise its offer. The storied chocolate firm is seen as either attracting a higher bid with more cash from Kraft, or a possible counterbid, analysts say, but some think it unlikely that Cadbury will be able to extract a much higher price. "We expect Cadbury's management to mount an aggressive defence, but confess to seeing few options on the table as a stand-alone company that would get the share price to 745p, let alone if there were a higher offer," said Warren Ackerman at Evolution Securities.

There is, however, the chance of counterbidders, and the names seen most likely are US firm Hershey Co and Switzerland's Nestle AG. Some analysts say they could make a joint offer for Cadbury and then split the business to get around anti-trust problems in chocolate.

Hershey is being advised by US bank JPMorgan on a possible strategy regarding Cadbury, a source familiar with the situation told Reuters yesterday, which indicates it could be considering a run for the chocolate maker.