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Oreo-maker Mondelz ends discussions of merger with Hershey

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Mondelz CEO says there is no actionable path forward toward an agreement that would have created a global chocolate and snack powerhouse

Oreo cookie-maker Mondelez ended discussions of a possible merger with The Hershey Company on Monday, a combination that would have created a global powerhouse selling some of the worlds best-known chocolates and snacks.

Hershey had said in June that it had rejected a preliminary takeover bid from Mondelez International valued at roughly $22.3bn, according to FactSet. Hershey did not immediately respond to a request for comment. A deal would have been subject to the Hershey Trust, the chocolate companys controlling shareholder.

Hershey shares slid 11% in after-hours trading, to $99. Mondelez shares added 3.4%, to $44.50, in extended trading.

In a statement, Mondelezs CEO, Irene Rosenfeld, said the company decided there is no actionable path forward toward an agreement following additional discussions between the two companies.

Mondelz, based in Deerfield, Illinois, makes Nabisco cookies, Cadbury chocolate and Trident gum. The company was created after a split from Kraft Foods, which has since gone on to combine with Heinz to create the Kraft Heinz Company.

Back in June, the Wall Street Journal had reported that Mondelz told Hershey it would take the chocolate makers name and move its global headquarters to Hershey, Pennsylvania, as part of the deal.

The acquisition would have made the combined company the candy industrys largest player, according to Euromonitor International, passing the current no 1, Mars Inc.

Read more: https://www.theguardian.com/business/2016/aug/29/oreo-mondelez-hershey-merger-kraft-snacks

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