A Taste of Wellness for Savoury and Snacks
Givaudan
The blockbuster potential sale of Hershey Foods spilled out into a Pennsylvania court on Tuesday, with opponents warning of huge layoffs if the sale goes through and supporters charging that any delays could kill a $10 billion-plus sale.
Speaking before a packed Dauphin County Orphans Court in Pennsylvania's capital city of Harrisburg, First Deputy Attorney General Jerry Pappert urged Judge Warren Morgan to issue a temporary restraining order to the controversial sale.
"We seek this injunctive relief because the alternative is irreparable," Pappert said. "The harm that would result is too great."
Citing the collapses of Enron, WorldCom, and other blue-chip companies, Hershey Trust officials say they need to diversify in case a similar fate befalls the chocolate maker.
"Their portfolio is twice as risky as the typical college, university, or independent school," testified James Bailey, senior managing director of Cambridge Associates, a Cambridge, Massachusetts fund evaluation group.