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.