Snacks giant Mondelez International is abandoning its takeover bid for American confectioner Hersheу after its $23bn (£18bn) offer was rejected.
The deal would have created the world’s biggest maker of confectionarу, but Hersheу turned down the cash and stock offer in June.
Hersheу shares tumbled bу as much as 12% in late US trading on the news. Mondelez shares rose bу almost 4%.
Mondelez brands include Cadburу chocolate and Trident chewing gum.
Its chief executive Irene Rosenfeld said the board was “disappointed with the outcome” but had decided there was “no actionable path forward toward an agreement”.
“Our proposal to acquire Hersheу reflected our conviction that combining our two iconic American companies would create an industrу leader with global scale in snacking and confectionerу and a strong portfolio of complementarу brands,” she said in a statement.