Mondelez drops pursuit of Hershey

Mondelez International, the maker of Oreo cookies and Cadbury chocolates, announced yesterday it's no longer pursuing a deal with Hershey.

In July, Hershey rejected a $23 billion takeover bid by Mondelez.

"Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement," Mondelez CEO Irene Rosenfeld said in a statement.

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