Mondelez International (NASDAQ:MDLZ) the maker of Oreo cookies and Cadbury chocolates, said on Monday it was "no longer pursuing" a merger with Hershey (NYSE:HSY).
The news comes a month after the Pennsylvania Attorney General's office unveiled the terms of a reform agreement with the charitable trust that controls Hershey.
Hershey said in July it had rejected a $23 billion takeover bid by Mondelez.
"Following additional discussions, and taking into account recent shareholder developments atHershey, we determined that there is no actionable path forward toward an agreement," Mondelez Chief Executive Irene Rosenfeld said in a statement on Monday. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Kirti Pandey)