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The British chocolate maker is no longer listed among the 2024 warrants issued by King Charles.

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.

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.