MDLZ Mondelez International Inc

By Brittney Laryea 

Snack maker Mondelez International Inc. agreed to buy the global license for Cadbury-branded biscuits from Burton's Biscuit Co.

The companies didn't disclose the terms of the transaction Friday, but media reports in the U.K. last month valued the deal at about GBP200 million. The deal allows Mondelez to make, market and sell Cadbury-branded biscuits world-wide.

Under a co-manufacturing agreement, Burton's factories will continue to make the Cadbury-branded biscuits.

News of the Cadbury deal comes after Hershey Co. rejected of Mondelez's roughly $23 million takeover bid.

Shares of Mondelez, which makes snack foods and powdered drinks under brands such as Oreo, LU and Nabisco, have lost 3.8% over the past three months.

Write to Brittney Laryea at brittney.laryea@wsj.com

(END) Dow Jones Newswires

August 12, 2016 09:31 ET (13:31 GMT)

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