Hershey shares jump on Cadbury owner buyout report
Its shares rose more than 10% after reports that MondelÄ“z International, which owns Britain’s Cadbury PLC, has approached U.S. chocolate maker Hershey Co. about a potential acquisition.
The deal could create a snack food giant with annual sales of nearly $50bn (£39.2bn).
Mondelez and Hershey both declined to comment on this report when contacted by BBC News.
2016, Hershey rejects MondelÄ“z International’s $23 billion takeover bid.
According to Bloomberg, this approach is still in its preliminary stages and it is uncertain whether the negotiations can reach an agreement.
Any deal would require approval from The Hershey Trust Company, a charitable trust that maintains voting control of the business.
The merger of the two companies could bring some of the world’s best-known confectionery and snack foods under one roof.
Hershey’s is known for brands like Hershey’s Kisses and Reese’s Peanut Butter Cups.
Mondelēz owns the Cadbury brand, which it acquired in 2010. Its brands also include Ritz biscuits, Oreo biscuits and Toblerone chocolate.
