Harrisburg’s Orphans Court will hear arguments on 3 September on the proposed sale of Hershey Foods.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Judges will be charged with deciding whether the sale can go ahead. Current front runner to buy the company is Swiss food giant Nestlé, although other potential bidders include Kraft Foods and Cadbury Schweppes.
Pennsylvania State Attorney General Mike Fisher on Friday asked the court to issue a temporary restraining order against the Milton Hershey School Trust members to halt the sale of the chocolate maker.
The trust, which owns 77% of the voting rights in Hershey, filed a motion that the state judge reject the attorney general’s request, contending Fisher overstepped his bounds.
The trust, which oversees the school for disadvantaged children built by company founder Milton S. Hershey in the early 1900s, is charged with ensuring that the school will be well funded into the future. Trustees have said the sale of the chocolate maker is the best way to achieve that, reported Reuters.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
