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Fly News Breaks for July 1, 2016
HSY, KHC, MDLZ
Jul 1, 2016 | 08:36 EDT
After Hershey (HSY) rejected Mondolez's (MDLZ) takeover offer, RBC Capital does not expect Mondolez to buy Hershey. The firm says that the Pennsylvania attorney general and the Milton Hershey School Trust would have to approve such a deal, and it does not expect that to occur. However, the firm thinks that Mondolez's offer could spur greater cost cutting at Hershey. The firm continues to view Mondolez as a likely takeover target for Kraft Heinz (KHC). It keeps an Outperform rating on Mondolez and a Sector Perform rating on Hershey.
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