A Pennsylvania Commonwealth Court yesterday [Thursday] scheduled a hearing for next Wednesday to hear the arguments of the charitable trust that owns Hershey Foods for an appeal of a temporary court injunction on the sale of the candy giant.
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Rick Kelly, a spokesman for the Hershey Trust, which controls a majority stake in Hershey Foods on behalf of the Milton Hershey School, is quoted in the Wall Street Journal as saying: “We regard this prompt response as a positive and will be prepared to present our case next week.”
The injunction was implemented by Judge Warren G. Morgan of the Dauphin County Orphans’ Court on Wednesday, after the state’s attorney general argued that a sale could devastate the confectioner’s home town.
Judge Morgan has also scheduled a telephone conference for Wednesday to hear the arguments for whether his injunction should be suspended.
Meanwhile, the chairman of the House Judiciary Committee, F. James Sensenbrenner, R-Wis, yesterday [Thursday] told Federal Trade Commission (FTC) chairman Timothy J. Murris to follow the Hershey sale closely. In a letter he said that any sale “will likely exceed US$10bn and trigger federal antitrust review. As a result, I urge the FTC to rigorously examine the antitrust implications of any sale of Hershey Foods.”
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