What Is the Hershey Trust and Why Can It Block Deals?: QuickTake

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. that would have been the year’s biggest merger agreement. The trust has scuttled several potential acquisitions of the chocolate maker over the years, including a previous one by Mondelez in 2016.

Hershey Co. Kisses candy replica sculptures in Hershey, Pennsylvania.

Photographer: Luke Sharrett/Bloomberg

What is the Hershey Trust?

The trust was set up by Hershey’s founder, Milton Hershey, in 1905, according to the ...