Citi analyst David Driscoll wonders if Mondelez's (MDLZ) margin expansion story is as good as previously advertised following the company's $25B offer to acquire Hershey (HSY). The most accretive strategy for Mondelez would seemingly be to use cash to buy back stock instead of attempting to acquire Hershey, Driscoll tells investors in a research note. The deal, at a buyout price that would get it done, is minimally accretive, the analyst argues. "To us, Mondelez has been all about value creation, which is why we are somewhat concerned by the proposed deal, and instead we would rather see the company upgrade its margin and savings targets, and buy back more stock," Driscoll writes. He keeps a Neutral rating on the shares ahead of the company's Q2 results.