By Colin Kellaher


Mondelez International poured cold water on speculation that the snacks giant is considering a takeover bid for candy maker Hershey, saying it is focused on stock buybacks and smaller deals.

Mondelez on Wednesday said its board approved a new $9 billion share-repurchase authorization running through the end of 2027.

Bloomberg earlier this week reported that Mondelez had approached Hershey about a potential takeover.

While Mondelez didn't comment on the report, the Chicago company said that given current market conditions, stock buybacks remain a key priority, and that it is committed to an acquisition strategy focused on bolt-on deals similar to its recent acquisitions of Chipita, Clif and Ricolino.

Hershey shares, which rose nearly 11% on Monday following the Bloomberg report, were recently down 5.4% to $177.01.

Mondelez said the new buyback, which is effective Jan. 1, replaces a current $6 billion program that has about $2.8 billion remaining. The company currently has more than 1.3 billion shares outstanding and sports a market capitalization topping $82.5 billion.


Write to Colin Kellaher at colin.kellaher@wsj.com


(END) Dow Jones Newswires

12-11-24 1012ET