DEERFIELD, Ill. – Mondelez International Inc. made a $23 billion takeover bid for Hershey Co., which, if approved, would become the world’s largest candy company, Reuters reports. Such a merger would combine Hershey’s robust U.S. business with the Mondelez worldwide reach. A new company that large would pass Mars Inc., which currently enjoys 13.3% of the global market, according to Euromonitor International.

After news of the offer spread yesterday, Hershey confirmed via press release that its board of directors unanimously rejected the indication of interest and determined that it provided no basis for further discussion with Mondelez. “The Company’s Board of Directors and management team are committed to enhancing value for all stockholders in accordance with the Company’s strategic plan,” the press release said.

The Hershey Trust controls around 80% of Hershey's voting rights, and has acted to stop acquisitions in the past, most notably in 2002 by Wm. Wrigley Jr. Co for $12 billion.

Mondelez’s initial offer was $107 per share, half in stock and half in cash. When word of the possible merger came out, Hershey shares soared 15.1% to $111.86, while Mondelez shares advanced 2.3% to $43.97.

Analysts generally haven’t viewed takeover bids for Hershey as having much of a chance. “The Trust ... is outwardly very committed to keeping the company independent,” pointed out Alexia Howard, a Bernstein analyst, a year ago. “So it’s pretty much impossible for an activist to get involved or for the company to be bought.”