Snack-food giant Mondelez International Inc.’s potential takeover of chocolate maker Hershey Co. would rank as the year’s top M&A deal. Chicago-based Mondelez, the maker of Oreo, Ritz, Wheat

The parent company of Oreo cookies, Ritz crackers and Cadbury chocolate, which has its U.S. base in East Hanover, made a preliminary takeover approach for the Pennsylvania-based chocolate maker, according to Bloomberg.

According to Bloomberg, the Hershey Trust Co. rejected a takeover bid by Mondelez International, Inc. to acquire the Hershey Co. in Derry Township. File photo by Dan Gleiter | dgleiter@pennlive.com PENNLIVE.COM

Hershey Trust Co. is a rarity in corporate America. It owns almost all of Hershey Co.’s Class B stock, giving it roughly 80% of the voting power of the company. That clout was apparent this week when it rebuffed a takeover attempt by Mondelez International Inc.

Hershey's main controlling owner has rejected Mondelez International's preliminary takeover offer, terming it as too low, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The main owner of US chocolate maker Hershey Co. has rejected a preliminary takeover offer from Mondelez International Inc., potentially ending a fresh pursuit that would’ve created a food giant with combined sales of almost $50 billion.

Hershey rejects takeover offer from Mondelez International

Mondelez said on Wednesday it would focus on "bolt-on" deals days after a report that the Cadbury parent was exploring the acquisition of Hershey. Hershey shares, which surged as much as 19% on Monday following Bloomberg's report that Mondelez had made a preliminary approach about a possible combination with the company,