Hershey sale on hold
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Manufacturing News, Source : TheManufacturer.com
Published : 05 Sep 2002 19:39
A judge from the Dauphin County Orphans Court in Pennsylvania ordered a freeze on the legal proceedings involving the sale of Hershey Foods, the country’s largest chocolate manufacturer.
Pennsylvania’s attorney-general, Mike Fisher, requested the freeze, advocating that the impending sale would wreak financial havoc on the small Pennsylvania town, where nearly one half of the town’s 12,000 residents currently work for Hershey. Residents, unions, politicians, and alumni of the Milton Hershey School for underprivileged children have joined Fisher in the fight to keep the town afloat.
Hershey’s controlling trust, which holds 77% voting rights in Hershey Foods, has set the bidding at $12 billion for the company. The legal snafu may cause potential buyers like Nestle, Cadbury Schweppes, Kraft Foods, and Wrigley to reconsider.
The Milton Hershey School Trust has expressed disappointment in the ruling and has promptly filed for an appeal with the court.
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