Mondelez’s takeover of Hershey would rank as top deal of 2024

Snack-food giant Mondelez International Inc.’s potential takeover of chocolate maker Hershey Co. would rank as the year’s top M&A deal.

The volume of mergers and acquisitions globally is up 18% year over year to $3.1 trillion as dealmaking makes a slow recovery from last year’s lows, according to data compiled by Bloomberg.

A takeover of Hershey, which was valued at $44 billion including debt at Monday’s close, would surpass candy bar maker Mars Inc.’s planned purchase of cereal producer Kellanova as the biggest acquisition of the year if they reach a final agreement.

There have been more megadeals this year than 2023, with marquee transactions in the software, energy and media industries.

Consumer transactions have accounted for a larger than usual proportion of the pie, approaching almost 20% of total deal volumes this year, according to data compiled by Bloomberg.

Activity is also heating up in financial services, with BlackRock Inc. agreeing recently to buy HPS Investment Partners for $12 billion. Man Group Plc CEO Robyn Grew, who leads the world’s biggest publicly traded hedge fund, said at a Bloomberg conference Tuesday that the firm is open to further acquisitions and sees “cracking opportunity” in the fast-growing credit space. Prudential Plc is also exploring options for its Asian asset management arm Eastspring Investments, Bloomberg News reported Tuesday.

Private equity has continued to be active. Topcon Corp., a $1.5 billion Japanese maker of eye-care equipment, is attracting takeover interest from suitors including KKR & Co. and EQT AB, people with knowledge of the matter said this week. Meanwhile, Carlyle Group Inc. agreed to sell software firm 1E to Germany’s TeamViewer SE in a $720 million deal, while CVC Capital Partners Plc offered to take CompuGroup Medical SE private in a $1.2 billion deal.