10:14 AM EST, 12/11/2024 (MT Newswires) -- Hershey (HSY) shares were down more than 5% in recent Wednesday activity after Mondelez International ( MDLZ ) said it remains focused on bolt-on acquisitions.

Earlier this month, Mondelez International ( MDLZ ) was reportedly exploring acquiring Hershey and made a preliminary approach over a deal. Last week, RBC Capital Markets said the potential acquisition would benefit Hershey shareholders.

Mondelez ( MDLZ ) reiterated its capital allocation priorities, with share repurchases as its key priority given current market conditions. Mergers and acquisitions are also a priority for the company with the focus being bolt-on assets such as its recent takeovers of Chipita, Clif and Ricolino, Mondelez ( MDLZ ) added.

MDLZ shares were up 3.6% in recent trading.

Price: 177.13, Change: -10.07, Percent Change: -5.38