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Mondelez (MDLZ) Stock Up in After-Hours Trading, No Longer Seeking Hershey Deal

NEW YORK (TheStreet) -- Shares of Mondelez (MDLZ) were gaining in after-hours trading on Monday after the company said it was no longer pursuing a deal with Hershey (HSY).

The Deerfield, IL-based snack manufacturer made a $23 billion bid for the company early in July, which Hershey later rejected.

"Our proposal to acquire Hershey reflected our conviction that combining our two iconic American companies would create an industry leader with global scale in snacking and confectionery and a strong portfolio of complementary brands," CEO Irene Rosenfeld said in a statement.

Following further discussion...