Mon­delez drops Her­shey merger plans

The Myanmar Times - - International Business -

US in­dus­trial snacks giant Mon­delez In­ter­na­tional has 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 US$23 bil­lion takeover of­fer from Mon­delez.

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

In June, the Her­shey board of di­rec­tors said it had “care­fully re­viewed” a bid of $107 per share for the com­pany and found it of­fered “no ba­sis for fur­ther dis­cus­sion”.

Her­shey is an iconic Amer­i­can brand con­trolled by a fam­ily trust which over­seas char­i­ta­ble funds.

The Deer­field, Illi­nois-based Mon­delez, for­merly known as Kraft Foods, also pro­duces pop­u­lar lines of sweets.

Photo: AFP

Iconic Amer­i­can brand Her­shey is owned by a fam­ily trust.

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