Published On Dec 9, 2024, 8:59 PM
Shares of Hershey surged over 10% following reports that Mondelez International, owner of Cadbury, has made a preliminary bid for a buyout of Hershey. If successful, the merger would create a significant snack food conglomerate with annual sales approaching $50 billion. The talks are in early stages and dependent on approvals, particularly from the Hershey Trust Company, which holds voting control over Hershey.
Positive
The significant increase in Hershey's stock price is indicative of market optimism about a potential merger with Mondelez, which could lead to enhanced market share and revenue for Hershey. Investors should monitor the situation closely, as a successful merger could fortify Hershey’s position in the snack industry.
Dec 9, 2024, 12:59 PM
Shares of Hershey, which has a market capitalization of about $35 billion, rose as much as 19% to $208.03, while those of Mondelez were down about 4% in morning trading. Mondelez, which is valued at around $84 billion, has made a preliminary approach about a possible combination, Bloomberg reported, adding that deliberations were in the early stages and there was no certainty that discussions would lead to a deal. Both Mondelez and Hershey declined to comment.
Nov 3, 2024, 3:00 AM
Stellene Volandes has brought new life to Town & Country, with snappy cover lines and an active social media presence. Could she be the next Anna Wintour?
Oct 30, 2024, 6:00 AM
The soaring price of cocoa over the past year has pushed up the cost of chocolate, leading candy companies and consumers to lean toward other options this Halloween.