DEERFIELD, Ill. – This week, Mondelez International Inc. announced it has ended discussions with The Hershey Company regarding a possible combination of the two companies. In July, Mondelez extended a $23 billion takeover bid for Hershey, but the Hershey board of directors rejected the offer.

“As the world’s leading snacking company, we remain focused on successfully executing our strategy to deliver both sustainable top-line growth and significant margin expansion and are well-positioned to continue to deliver value to our shareholders,” said Mondelez Chairman and CEO Irene Rosenfeld in a statement.

“Our proposal to acquire Hershey reflected our conviction that combining our two iconic American companies would create an industry leader with global scale in snacking and confectionery and a strong portfolio of complementary brands. Following additional discussions, and taking into account recent shareholder developments at Hershey, we determined that there is no actionable path forward toward an agreement. While we are disappointed in this outcome, we remain disciplined in our approach to creating value, including through acquisitions, and confident that our advantaged platform positions us well for top-tier performance over the long term,” she said.