Hershey Co. said it agreed to buy out the minority shareholders in its loss-making Indian candy and beverage venture for an undisclosed sum, clearing the decks for the American firm to compete on its own in a market dominated by rivals Kraft Foods Inc. and Nestle SA. The Hershey, Pennsylvania-based firm, will buy the 43% stake in venture Godrej Hershey from India's Godrej Industries Ltd. and another 6% from another unnamed minority shareholder, a press releases from Hershey and Godrej said.
Hershey buying out minority shareholders in Indian candy venture