Shares of Hershey rose 17%, while those of Mondelez were down about 4%.

Mondelez has made a preliminary approach about a possible combination, Bloomberg reported, adding that deliberations are in the early stages and there’s no certainty that discussions will lead to a deal.

Spokesmen for Mondelez and Hershey did not immediately respond to Reuters’s requests for comment.

This was not the first buyout attempt from Mondelez.

In 2016, the maker of Oreo cookies and Cadbury chocolates abandoned the pursuit of Hershey’s Kisses and Reese’s Peanut Butter Cups owner after the latter rejected a US$23 billion takeover bid.

As of Friday’s close, Mondelez had a market capitalisation of roughly US$84 billion, while Hershey was valued at US$35 billion, according to LSEG data