USA: Trust promises not to sell stake in Hershey
The charitable trust that owns a controlling stake in Hershey Foods has promised it will not try to sell its shares in the US candy maker again without advising the courts. Late July saw the trust announce it was seeking a buyer for its stake in a bid to diversify its US$5.4bn endowment, over half of which is in Hershey stock. The single beneficiary is the Milton Hershey School for deprived children. Following a firestorm of protest from the local community, school alumni and politicians, the trust turned its back on a lucrative offer from US gum maker Wrigley last week and called off the sale.
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