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The Hershey Company
HSY today announced that it has
reached an agreement to acquire the 49 percent stake in Godrej Hershey Ltd.
that it does not own, primarily from Godrej Industries Ltd. (“Godrej”) and
another minority shareholder. Including the assumption of about $47.6 million
in debt, which is already consolidated by Hershey as the majority shareholder,
the company will own the Maha Lacto and Nutrine candy brands and the Jumpin
and Sofit beverage brands as well as the related manufacturing facilities. The
transaction is expected to close by the end of the third quarter and the new
entity will transition to use the name Hershey India as it becomes a wholly
owned subsidiary of The Hershey Company. As part of the transaction, the
minority shareholders will receive an undisclosed cash consideration.
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