Hershey Rejects Bid From Mondelez International

Hershey Co. reportedly rejected a $23 billion takeover bid by Mondelez International, reports Reuters, that would expand the latter company's U.S. footprint. The move would create the world’s largest confectioner. Mondelez is currently the second-largest confectionary company in the world while Hershey ranks number five, the source noted.

According to Euromonitor International the merger would put them in first place at 18 percent of the market.

Reuters reported that Mondelez had previously sought to provide assurances to Hershey that the name would remain the same and jobs would be preserved.