Skip to main content

Mondelez Abandons Bid To Create Snack-Candy Behemoth With Hershey Purchase

By

The residents of Hershey, PA, can breathe a sigh a relief today, as Mondelez — the owner of Nabisco and Cadbury — announced it would ditch its months-long bid to purchase the Hershey’s brand following several rebuffed offers by the chocolate giant.

Mondelez has thrown in the towel after Hershey rejected its latest offer, declaring there was “no actionable path forward” to buy the chocolate brand.

“As the world’s leading snacking company, we remain focused on successfully executing our strategy to deliver both sustainable top-line growth and significant margin expansion and are well-positioned to continue to deliver value to our shareholders,” Chairman and CEO Irene Rosenfeld said in a statement.

The Wall Street Journal reports that the timing just wasn’t right for the two companies to combine, as the Hershey Trust, which controls 81% of Hershey’s shareholder votes, is undergoing an overhaul of its own.

The Hershey Trust has historically resisted any sale offers.

“While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions, and confident that our advantaged platform positions us well for top-tier performance over the long-term,” Rosenfeld said, being careful not to shut the door on a future deal.

Mondelez first approached Hershey about a deal in June, offering $23 million. The company said it was “prepared to go to lengths” to win over America’s most famous chocolate brand, including pledges to protect jobs, relocate to Hershey, PA, and rename the whole company Hershey, according to a source.

Hershey, however, wasn’t feeling the love, and outright rejected the offer. Mondelez came back with a $25 billion bid. But again it was rebuffed.

Mondelez reportedly offered a final, unspecified bid last week, that was also rejected.

[via The Wall Street Journal]


by Ashlee Kieler via Consumerist

Comments

Post a Comment

Popular posts from this blog

Chrysler Deletes Its Dating Apps, Decides To Remain Single For Now

By
They say you can’t have a healthy relationship until you’re happy with yourself. That appears to be the new mantra for Fiat Chrysler: After several attempts to woo General Motors and more recently Volkswagen , the carmaker’s top executive says he plans to ditch his lovelorn ways to concentrate on his company’s bottom line.  Bloomberg reports that CEO Sergio Marchionne has turned his focus to eliminating FCA’s debt rather than eliminating its single status. Marchionne has set a goal of erasing FCA’s debt by 2019, the same year he’s set to retire. To do that, he says the company needs to do a little work on itself. “We need to be very careful that we don’t start unrealistic dreams about consolidation as we are on our way to achieve historically important results and a debt-free position,” Marchionne told investors at the carmaker’s annual meeting in Amsterdam, as reported by Bloomberg. “We are not at a point of time to discuss any alliance.” Yes, you heard that right: The man w...
Post a Comment
Read more

Study Claims 43% Of “Wild” Salmon In Stores & Restaurants Isn’t Wild At All

By
That wild salmon entrée calling to you from the menu at dinner might not be all it’s advertised. In fact a new study released Wednesday found evidence of mislabeling in nearly half of all salmon sold in restaurants and grocery stores.  The study [ PDF ] from international environmental advocacy group, Oceana, analyzed 82 salmon samples from restaurants and grocery stores, finding that 43% of the products were mislabeled. DNA testing confirmed that 69% of the mislabeled product consisted of farmed Atlantic salmon being sold as wild-caught product. According to the report, consumers satisfying their salmon craving in restaurants are misled about 67% of the time, while those who buy their seafood in a grocery store are misled 20% of the time. “Americans might love salmon, but as our study reveals, they may be falling victim to a bait and switch,” Beth Lowell, senior campaign director at Oceana, said . “When consumers opt for wild-caught U.S. salmon, they don’t expect to get a far...
Post a Comment
Read more

Introduction to Biology (IX Biology Notes Chapter 01)

By
Science: Our universe operates under certain principles. For understanding of these principles, the experiments are done and observations are made; on the basis of which logical conclusions are drawn. Such a study is called "Science". In brief science is the knowledge based on experiments and observations. Biology: The Scientific study of living organisms is called Biology. The word biology is derived from two Greek words "bios" meaning life and "logos" meaning thought, discourse, reasoning or study. It means that all aspects of life and every type of living organism are discussed in biology. Branches of Biology: Biology is divided into following branches: Morphology The study of form and structure of living organisms is called morphology. It can be further divided into following two parts: 1. The study of external parts of living organism is called external morphology. 2. The study of internal parts of living organism is calle...
Post a Comment
Read more