>> Hershey's proving there's nothing sweet about rejection. The company Thursday turning down a $23 billion offer by Mondelez, the snack company formerly known as Kraft. A deal would've created the world largest confectioner. But Reuters Breaking US columnist Rob Cox says it may have been do from the start because of who owns Hershey's.
>> The company's actually controlled by a trust. The trust is the Milton Hershey trust named after the Mennonite in Pennsylvania who founded the company and basically this makes it really hard. They own controlling shares in the company and not only that, the state of Pennsylvania way back when when Wrigley, remember the chewing gum maker, tried to buy Hershey.
The state of Pennsylvania tried to block the deal.>> Hershey's Board unanimously rejected the advance by Mondelez, known for Oreo's and Cadbury brand chocolates. A deal would have given Mondelez control over US production of KitKat, whose cute name belies its status as one of the most popular chocolate brands on the planet.
Shares of both companies popped Thursday and state well in the black despite the failure to launch.