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Hershey to Buy Shanghai Golden Monkey for $584 Million

Hershey Co., the maker of chocolate Kisses and Reese’s candies, agreed to buy Shanghai Golden Monkey Food Joint Stock Co. to expand in candymaking in China.

The purchase has an enterprise value of about $584 million, with the U.S. company’s Dutch unit paying $498 million in cash and assuming $86 million in debt, the Hershey, Pennsylvania-based manufacturer said today in a statement.