(Bloomberg) -- The main owner of US chocolate maker Hershey Co. has rejected a preliminary takeover offer from Mondelez International Inc., people familiar with the matter said, potentially ending a fresh pursuit that would've created a food giant with combined sales of almost $50 billion.

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Hershey Trust Co., which has roughly 80% of the voting power at the company, turned down the bid as too low, said the people, who declined to be identified because discussions are private. Securing the trust's backing is vital for any deal for Hershey Co. as it owns almost all of the company's Class B stock.

Bloomberg News reported earlier this week that Mondelez made a preliminary approach for Hershey Co., citing people familiar with the matter. It's not the first time Mondelez has sought a deal. In 2016, it walked away from discussions about a potential takeover after seeing a $23 billion bid rejected by the chocolate maker.

Mondelez on Wednesday approved a stock repurchase authorization of as much as $9 billion and said it's committed to its capital allocation priorities, including reinvesting in brands and "an acquisition strategy that is focused on bolt-on assets," a term used to describe relatively small deals. Hershey Co. would be a sizable acquisition with a valuation of more than $40 billion including debt, according to data compiled by Bloomberg.

The announcement "poured cold water" on any potential Hershey Co. deal, Adam Crisafulli of Vital Knowledge said.

A representative for Hershey Co. declined to comment while Mondelez and the Trust couldn't be immediately reached for comment.

Shares of Mondelez rose 3.4% at 10:25 a.m. in New York. Hershey fell 6.4%.

--With assistance from Deena Shanker, Ruth David and Vinicy Chan.