Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
A minor pullback across Wall Street from record closing highs. Merger and acquisition activity gave investors something to focus on. Omincom and Interpublic announced plans to merge in what would create the world’s biggest advertising agency.
Looking ahead to Tuesday, investors will get a look at third-quarter productivity and quarterly results from GameStop.
Related: Mondelez Doubles Down on Mexico, Further Widens Focus Beyond U.S.
In other news, Wall Street is salivating over talk of a possible offer to merge Hershey’s and Mondelez. If that deal were to happen it would create one of the biggest food and beverage conglomerates in the world. Hershey’s has reportedly hired a team to come up with a response to Mondolez’s unsolicited offer.
So what’s literally on the table if this deal is a go? Hershey has a storied 130-year history including its eponymous Hershey kiss and chocolate bar. It also has KitKat, Twizzlers, York Peppermint Patty, Reese’s peanut butter cup, and Skinny Pop popcorn just to name a few.
From Mondolez, which was spun off from Kraft Foods in 2012, we get Cadbury, Chips Ahoy, Oreo, Ritz crackers, Sour Patch Kids, Belvita, Clif bars, Halls cough drops, Toblerone chocolate, Wheat Thins, and others.
This wouldn’t be the first time an offer was put on the table. Hershey rebuffed Mondelez back in 2016. But times have changed. The rise of GLP-1 weight loss drugs has led to a drop in sales. Soaring food production costs have dented profits for both. Combined, the two companies took in $47 billion in annual sales in 2023.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Watch ICYMI This Week:
