The Hershey Company and the Hershey Trust Company, which is the trustee for the Milton Hershey School Trust, have announced that the School Trust intends to participate on a proportional basis in Hershey’s continuing Common Stock repurchase programme.
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The announcement, made through a filing with the Securities and Exchange Commission (SEC), represents the renewal of an existing agreement. The new agreement will take effect on 30 January and run through to 31 July 2006.
Last April, the Hershey board approved the repurchase of US$250m of its Common Stock, of which US$187.1m was utilised by the end of 2005, leaving US$62.9m still authorised. An additional US$500m authorisation was approved by the board in December 2005. Both repurchase programmes are expected to be completed by the end of 2006.
