Mondelez has a serious sweet spot for Hershey’s

Mondelez, the owner of Cadbury, Oreo, Chips Ahoy, and more, is getting sweet on the 130-year-old Hershey Co., as the food giant is exploring an acquisition of the ever-profitable chocolate maker, per Bloomberg.

It isn’t the first time that the packaged-food company has tried to acquire Hershey. In 2016, Mondelez tried to sweet-talk the chocolate company into a tie-up with a $23 billion bid, but execs eventually had to go home empty-handed after the majority-owning Hershey Trust Co. rejected the offer. Since then, Hershey’s stock has more than doubled, which is why this latest offer would have to be at a significantly higher price: Hershey Co.’s enterprise value (including debt) is some $43.8 billion.

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