Hershey Stock Surges Amid Mondelez Takeover Speculation

Shares of Hershey surged over 10% following reports that Mondelez International, owner of Cadbury, has made a preliminary approach for a potential buyout. This deal could create a snack food giant with nearly $50 billion in annual sales. While both companies have not commented, any merger would require approval from the Hershey Trust Company. The packaged food industry, facing slow growth and rising costs, is seeing increased consolidation efforts, as evidenced by Mars' recent acquisition of Kellanova.