Mondelez Said to Mull Takeover of US Chocolate Maker Hershey (4)

Mondelez International Inc., the snacks and sweets company, is exploring an acquisition of iconic US chocolate maker Hershey Co., in a potential deal that would create a food giant with combined sales of almost $50 billion, according to people familiar with the matter.

Chicago-based Mondelez has made a preliminary approach about a possible combination, said the people, who asked not to be identified because discussions are private.

Shares in Hershey Co. rose as much as 19% on Monday for their biggest intraday gain in more than eight years after the Bloomberg News report. The stock closed up 11% ...