Hershey Stock Soars After Report of Mondelez Takeover Bid

NEW YORK (AP) -
(AP Photo/Charlie Riedel, File)
(AP Photo/Charlie Riedel, File)

Shares of Hershey are soaring after a report that it could be taken over by Oreo cookie maker Mondelez International.

The Wall Street Journal, citing sources it did not name, reported Thursday that Mondelez recently sent a letter to Hershey proposing the deal. A takeover would bring together two of the world’s largest snack and candy makers. Mondelez said it would locate the headquarters of the combined company in Hershey, Pennsylvania and take on the Hershey name, according to the Journal.

Mondelez International Inc., based in Deerfield, Illinois, also owns Cadbury chocolates, Nabisco cookies and Ritz crackers. The company split from Kraft Foods in 2012.

The Hershey Co.’s stock is up more than 15 percent, at $111.87.