|02-23-2005, 01:22 PM||#1|
Join Date: Apr 2001
Hershey Foods wants to change name, double shares
HARRISBURG, Pa. Hershey Foods Corporation, the nation's largest candymaker, wants to change its name to The Hershey Company and double its number of outstanding shares.
As part of a larger corporate makeover, which requires shareholder approval, the company wants to make the changes to give it flexibility to pursue other enterprises.
The Hershey Trust Company will continue to hold the controlling stake in Hershey Foods.
The new name would be the company's fourth since Milton Hershey founded it as the Hershey Chocolate Company in 1894.
The present name dates back to 1968.
While Hershey would not specify what it plans to do with the extra money it hopes to generate by doubling its shares, industry analysts have raised the possibility that it will acquire a competitor candy business, such as Cadbury Schweppes.
The company currently has 525 (M) million outstanding shares, and would increase that number to more than one (B) billion.
Shareholders would have to approve the changes at an April 19 meeting.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|02-25-2005, 11:35 PM||#2|
Ring of Famer
Join Date: Dec 2002
Hmmmmm, I don't like the sound of this. I'm in the minority, but I prefer Hershey's chocolate to Godiva, Cadbury, Sees and all the other more expensive brands on the market.