Mondelez has made a bid to buy Hershey
Mondelez International has made a bid to buy Hershey, a move that would bring together two of the world’s largest snack and candy manufacturers.
Hershey
People familiar with the matter told the Wall Street Journal that Mondelez recently sent a letter to Hershey proposing the acquisition. Hershey’s stock surged following the news.
Hershey, maker of iconic candies including Reese’s, Jolly Rancher and its own chocolate bars, is currently valued at $23bn, while Mondelez is valued at $70bn.
According to the Wall Street Journal, Mondelez - whose brands include Cadbury, Oreo, and Ritz - has pledged to protect jobs if a merger goes through.
The news comes as food giants struggle to keep pace with changing consumer tastes, as more and more people search for local, healthier options that corporations cannot provide.