Hershey Co. (HSY) shares rose 5% Wedneday amid continued speculation about the company's future in the midst of consolidation in the global candy industry.

Hershey has long been seen as a potential acquisition target, with Cadbury PLC (CBY) often named as a potential acquirer in the past. Hershey again received attention from investors this week after Kraft Foods Inc. (KFT) made an unsolicited bid for Cadbury, which Cadbury has rebuffed.

Hershey, however, is controlled by the Hershey Trust, a charitable trust that has steadily maintained that it will not consider deals that would require Hershey to give up its independence.

After Kraft's bid, there has been other speculation suggesting that Hershey might want to respond in some way. However, given Hershey's size analysts have said it would be difficult for the company to finance a bid for Cadbury on its own, raising questions about whether it might choose to find a partner. A Hershey spokesman couldn't immediately be reached.

Hershey shares were recently up 5% to 41.17.

-Anjali Cordeiro; Dow Jones Newswires; 212-416-2200; anjali.cordeiro@dowjones.com