Encore: Hershey's vs Mars | Global Chocolate Domination | 6

Business Wars

Wondery

History, Business, David Brown, Management

4.6 • 13.2K Ratings

🗓️ 19 January 2022

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

It’s a new century and Hershey’s facing unexpected trouble at home — a showdown between the company and its biggest shareholder that threatens its independence.

Meanwhile, Mars is on a mission to become the world’s candy king. And with Hershey yet to break ground outside the U.S., the opportunity to catch up is fading fast.

Hershey knows there’s one move that could transform its overseas fortunes: a merger with its British soulmate Cadbury. The question is can it secure Cadbury’s hand in marriage before Mars triumphs in its quest for global chocolate domination.

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Transcript

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0:00.0	Hey, prime members, you can listen to business wars, add free on Amazon music.
0:04.8	Download the app today.
0:12.7	This episode originally aired in 2019.
0:16.3	It's July 2002, and in the friendlies restaurant in Hershey, Pennsylvania, Richard Zimmerman
0:21.7	pushes his burger and fries away from him.
0:24.6	Sorry, but I'm in no mood to eat.
0:28.4	The retired Hershey CEO looks across the table at his old friend Bruce McKenny, the former
0:33.7	boss of the town's theme park.
0:36.0	The two meet regularly to shoot the breeze, but today their mood is downright sour, and
0:42.2	that's because this morning the Wall Street Journal revealed that the Hershey Foods Corporation
0:47.3	is up for sale.
0:49.4	McKenny looks at Zimmerman with a hangdog expression.
0:53.3	I just don't get why the trust would sell.
0:55.8	Why would they do this to the town and the company?
0:59.3	The trust McKenny's talking about is the Hershey Trust Company, and it manages the $5 billion
1:05.4	endowment Milton Hershey left with school for orphans and underprivileged kids.
1:10.2	The trust keeps most of the money invested in Hershey Foods Corporation shares, giving
1:15.2	it the controlling interest in the chocolate giant.
1:18.4	There's food Bruce, after Inron and the dotcom crash.
1:22.3	The trust thinks it's dangerous to keep all its money invested in one company.
1:27.3	McKenny grimaces.
1:29.0	But they're not short on cash.
	...

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