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HERSHEY FOODS CORPORATION ANNOUNCES STOCK REPURCHASE

 HERSHEY, Pa., Nov. 2 /PRNewswire/ -- Hershey Foods Corporation (NYSE: HSY) announced that it has purchased today 2 million of its Common Stock shares from Hershey Trust Company, as Trustee for Milton Hershey School.
 The corporation paid approximately $103.1 million in the transaction. This transaction is part of a $200 million stock repurchase program currently being conducted through open market purchases and privately negotiated transactions. The shares of Common Stock acquired by the corporation will be held as treasury shares.
 Hershey Trust Company, as Trustee for Milton Hershey School, has advised Hershey Foods Corporation that it is selling the shares to further diversify its investment holdings. It also has stated that it intends to retain its voting control of the corporation. The Hershey Trust, which had 76.8 percent of the voting power of both classes of common stock prior to the transaction, has 76.6 percent following the transaction. It continues to hold 99.3 percent of all Class B Common Stock shares outstanding, which carry 10 votes per share.
 Hershey Trust Company, as Trustee for Milton Hershey School, has had voting control of Hershey Foods Corporation since 1918. It last sold shares of the corporation's Common Stock in 1986 when 5,175,000 shares were sold in a public offering and an additional 3,825,000 shares were purchased by Hershey Foods Corporation. The 9 million shares were also sold for the purpose of diversification. They were sold at a weighted average price of $23.31.
 Milton Hershey School, located in Hershey, is a private, non-profit boarding school for needy children in grades kindergarten through 12. The school currently cares for more than 1,000 boys and girls. The full cost of every student's education and board at the School is paid from the income of the Hershey Trust.
 Hershey Foods Corporation produces a broad line of chocolate, confectionery, pasta and other food products.
 /delval/
 -0- 11/2/93
 /CONTACT: Natalie Bailey, 717-534-7631, or James A. Edris (financial), 717-534-7552, of Hershey Foods/
 (HSY)


CO: Hershey Foods Corporation ST: Pennsylvania IN: FOD SU:

MP -- PH004 -- 9545 11/02/93 09:45 EST
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Publication:PR Newswire
Date:Nov 2, 1993
Words:353
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