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Trust Ponders $15B Goodbye Kiss to Hershey Foods

PHILADELPHIA-The trust that controls 77% of Hershey Foods considers selling it to protect its sole beneficiary, a 1,400-acre residential school for children in need. While Wall Street salivates over a sweet deal, Hershey Foods' board has a bitter taste.

By Marita Thomas | Updated on July 26, 2002

PHILADELPHIA-Robert Vowler, chief executive officer of Hershey, PA-based Hershey Trust, confirms reports it is exploring steps to sell Hershey Foods Corp. But it is no done deal.

The board of Hershey Foods is proposing alternatives to divestiture of the trust’s controlling stake in the company. So far, no alternative has been accepted by the Trust.

According to a statement, issued by Vowler in response to inquiries, the trust holds about one-third of the equity and about three quarters of the voting power in Hershey Foods. The value of the trust’s Hershey stock represents about 50% of the Trust’s total assets.

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