Mondelez Approves $9 Billion Buyback After Hershey Report
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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 theTransport Topics Top 100 list of the largest private carriersin North America and No. 9 amongagriculture 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%.
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