Mondelēz International will now be seeking different ways to create value for the company as no agreement could be reached with Hershey.
Following a number of discussions with The Hershey Co., Mondelēz International Inc. has announced that it is no longer looking for an opportunity to combine the companies.
“As the world’s leading snacking company, we remain focused on successfully executing our strategy to deliver both sustainable top-line growth and significant margin expansion and are well-positioned to continue to deliver value to our shareholders,” said chairman and CEO Irene Rosenfeld. “Our proposal to acquire Hershey reflected our conviction that combining our two iconic American companies would create an industry leader with global scale in snacking and confectionery and a strong portfolio of complementary brands. Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement. While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions and confident that our advantaged platform positions us well for top-tier performance over the long term.”
Mondelēz International will present at the Barclays Global Consumer Staples Conference on Wednesday, Sept. 7, at 9 a.m. EDT. Presenting on behalf of the company will be executive vice president and chief financial officer Brian Gladden, executive vice president of Integrated Supply Chain Daniel Myers and executive vice president and chief growth officer Tim Cofer.
A live audio webcast of the presentation will be available at www.mondelezinternational.com/investors. An archive of the webcast will be available on the company’s website. The company also will be live tweeting the event at www.twitter.com/MDLZ.