Mondelez abandons pursuit of U.S. chocolate maker Hershey

August 29, 2016 11:40 PM

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Mondelez International Inc (MDLZ.O), the maker of Oreo cookies and Cadbury chocolates, said it was no longer pursuing the acquisition of Hershey Co (HSY.N), two months after the U.S. chocolate company turned down its $23 billion cash-and-stock bid.

The abandoned deal, which would have created the world's largest confectioner, underscores the grip that a charitable trust has on the maker of Hershey's Kisses and Reese's Peanut Butter Cups. The trust which controls Hershey was set up by the company's founder over a century ago to fund and run a s...

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