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Mondelez Explores $50 Billion Acquisition of Hershey; Hershey Shares Surge 15%
Dec 9, 2024, 03:44 PM
Mondelez International Inc., the snacks and sweets conglomerate and parent company of brands such as Cadbury, OREO, KitKat, and Ritz, is exploring an acquisition of U.S. chocolate manufacturer Hershey Co., known for iconic brands like Hershey's and Reese's. A potential deal would create a food giant with combined sales of nearly $50 billion, bringing these renowned brands under one roof. Mondelez had previously made a $23 billion bid for Hershey in 2016, which was unsuccessful. The current market capitalization of Hershey stands at approximately $40 billion. Any deal would require the backing of the Hershey Trust, which holds significant voting power in the company. Following reports of the potential acquisition, Hershey's stock surged by 15%, while Mondelez shares dropped to a new 52-week low. Neither Mondelez nor Hershey has commented on the speculative news.
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