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Oreo cookie maker Mondelez says it has ended discussions of a possible merger with Hershey, a combination that would have created a global powerhouse selling some of the world's best known chocolates and snacks.
Hershey shares fell more than 11 percent in extended trading while Mondelez shares gained more than 3 percent.
Hershey had said in June that it rejected the takeover bid from Mondelez International valued at roughly $22.3 billion, according to FactSet. Hershey did not immediately respond to a request for comment Monday. A deal would have been subject to the Hershey Trust, a controlling shareholder.
In a statement, Mondelez CEO Irene Rosenfeld said the company decided "there is no actionable path forward toward an agreement" following additional discussions.
Mondelez, based in Deerfield, Illinois, makes Nabisco cookies, Cadbury chocolate and Trident gum. The company was created after a split from Kraft Foods, which has since gone on to combine with Heinz to create the Kraft Heinz Co.
Back in June, The Wall Street Journal had reported that Mondelez told Hershey it would take the chocolate maker's name and move its global headquarters to Hershey, Pennsylvania as part of the deal. The acquisition would have made the combined company the candy industry's largest player, according to Euromonitor International, passing the current No. 1, Mars Inc.