Voices ring out against Hershey sale
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Manufacturing News, Source : TheManufacturer.com
Published : 27 Aug 2002 19:30
Hershey’s controlling trust, which holds 77% voting rights in Hershey Foods, has made motions to sell the country’s largest chocolate maker for a deal estimated at $12 billion. Many have strongly voiced opposition to the supposed deal, however, claiming that it could significantly damage the local community.
Pennsylvania’s attorney-general, Mike Fisher, filed a motion in Dauphin County Orphans Court for a temporary restraining order against the Milton Hershey School Trust. He had also petitioned to make the Hershey sale contingent upon both court, which has jurisdiction over the local trust, and board approval. Union members, former trustees, and alumni of the Milton Hershey School have also outwardly opposed the sale.
We think it’s time the court put a halt to the sale, said Fisher in a statement last week. We are concerned about the speed in which the Hershey Trust seems to be moving forward with their plans, he said.
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