Nuts to that; Hershey rejects kiss from chocolate competitor

NEW YORK (AP) — Hershey on Thursday rejected a takeover offer from Oreo maker Mondelez that would bring some of the world's best known cookies and chocolates under one company.

Earlier this year, the Philadelphia Inquirer reported that the state attorney general sent the trust a letter seeking the resignation of three board members and the reduction of board compensation.

A tie-up between Mondelez and Hershey would mark just the latest chapter in a series of deals in the packaged food industry, with companies looking for ways to improve their financial results while up against struggling sales growth in saturated markets such as the U.S.

When Heinz announced plans to buy Kraft last year, for instance, executives cited the cost savings that would be achieved by combining manufacturing and distribution networks.