Mondelez drops merger plans with Hershey


WASHINGTON, D.C: US industrial snacks giant Mondelez International said on Monday it had dropped plans to merge with chocolatier The Hershey Company.

The announcement came nearly two months after Hershey, the maker of Reese’s Peanut Butter Cups and Hershey’s Kisses, rejected a $23 billion takeover offer from Mondelez.

“Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement,” Mondelez said in a statement, adding that executives were “disappointed.”

The merged company would have overtaken Mars as the world’s largest candy purveyor.


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