本周早些时候有消息称，亿滋与好时公司进行了初步接洽。截至上周末，亿滋的市值约为840亿美元，好时为350亿美元。People familiar with the matter revealed that the main owner of American chocolate manufacturer Hershey (HSY.US) has rejected the initial takeover offer made by MDLZ.US (MDLZ.US).
The Zhitong Finance App learned that people familiar with the matter revealed that the main owner of American chocolate manufacturer Hershey (HSY.US) rejected the initial takeover offer made by MDLZ.US (MDLZ.US). The deal was expected to create a food giant with total sales of nearly 50 billion dollars and become one of the largest acquisitions in the history of the packaged food industry.
People familiar with the matter said Hershey Trust Co. (Hershey Trust Co.), which holds about 80% of Hershey's voting rights, rejected the takeover offer on the grounds that the bid was too low.
Earlier this week, it was reported that Mondelez had initial contacts with Hershey. As of the end of last week, Mondelez's market capitalization was around $84 billion, compared to $35 billion for Hershey.
Hershey Trust has used its voting rights to block deals in the past. In 2016, Mondelez withdrew from negotiations after Hershey declined a $23 billion takeover offer.
Mondelez approved a $9 billion share repurchase mandate on Wednesday and said it is committed to its capital allocation priorities, including reinvesting in the brand and “an acquisition strategy focused on strengthening assets.” According to data compiled by Bloomberg, Hershey's valuation (including debt) will exceed $40 billion, which would be a sizeable acquisition.
Vital Knowledge's Adam Crisafulli said the news “threw cold water” on any potential Hershey deals.
Hershey was founded in the late 19th century and is famous for its chocolate and candy brands. In November, the company acquired Sour Strips to expand its confectionery business.
Cocoa prices have fallen from their peak but have risen sharply compared to previous years, which has had an impact on Hershey. Sugar is also expensive. Last month, Hershey lowered its net sales growth and earnings expectations as consumers under inflationary pressure began to focus on their own budgets. Hershey's chief financial officer Steve Voskuil said that by 2025, cocoa will be the “biggest component” of the company's rising costs.
The packaged food industry has been struggling to cope with declining sales, slowing growth, and weak global consumption. As shoppers begin to resist price increases and become more health-conscious, companies are seeking innovation and new markets to boost sales, a trend that could trigger a wave of industry consolidation.
In August of this year, snack manufacturer Mars agreed to buy Pringles potato chip manufacturer Kellanova for nearly 36 billion US dollars. At the time, the deal was considered the largest merger and acquisition in the global food industry in 2024.
By the close of the US stock market on Wednesday, Hershey's stock price had fallen by more than 5%, and the stock price of Mondelez had risen by more than 2%.
