Mondelez Approves $9 Billion Buyback After Hershey Report
[Stay on top of transportation news: Get TTNews in your inbox.]
Mondelez International Inc. approved a stock repurchase authorization of as much as $9 billion, days after a report that the snack food company was exploring an acquisition of chocolate maker Hershey Co.
The new buyback program is effective beginning Jan. 1 and lasts through the end of 2027, according to a statement Dec. 11. It replaces an existing $6 billion authorization, which has about $2.8 billion remaining that would expire at the end of next year.
Mondelez ranks No. 65 on the Transport Topics Top 100 list of the largest private carriers in North America and No. 9 among agriculture and food processing carriers.
Mondelez said it’s committed to its capital allocation priorities, including reinvesting in brands and “an acquisition strategy that is focused on bolt-on assets.” The company earlier declined to comment on a Bloomberg report this week that it had made a preliminary approach about a possible combination with Hershey.
Shares of Mondelez rose 3.7% as of 8:16 a.m. before regular trading in New York. Hershey declined 4.9%.
Want more news? Listen to today's daily briefing below or go here for more info:
