Snacking giant Mondelez is kicking kisses on Hershey Co., eight years after being rebuffed by the iconic chocolatier, according to Bloomberg.

The big picture: Hershey is one of the toughest U.S. companies to buy, despite being publicly traded, due to its unusual corporate structure and a unique state law.

• The Hershey Trust owns most of the company's Class B shares, thus giving it effective voting control, and has stood in the way of past transactions. It's been selling down some of its position, in order to diversify, but hasn't publicly signaled that it's open for something more substantial.
• Pennsylvania's attorney general also can seek to block a sale, reflecting just how important the company is to the state's economy and psyche.

One more challenge: Antitrust regulators also might take a hard look at the maker of Oreo cookies buying the maker of KitKat bars, which would have combined revenue of nearly $50 billion.

• No word yet on if the FTC plans to challenge a planned $36 bilion tie-up between Mars and Kellanova, which was announced in August.

Catch up quick: Mondelez offered to buy Hershey in 2016 for $23 billion.

• Hershey ended trading yesterday with a $39 billion market cap, with shares closing up 10.8% on the Bloomberg report.
• Both companies declined comment.

Zoom in: Mondelez does have some good reasons to try again, no matter the obstacles.

• Hershey has been grappling with higher cocoa prices, driven by supply fears, and better-for-you food trends that are being amplified by weight-loss drugs like Ozempic.
• Merging two giant chocolate purchasers could help better control prices, which also could reduce margin pressures.

Look ahead: If Mondelez does get its foot in the door with Hershey Trust, don't be surprised if other strategics consider taking a bite.

Nippon Life Insurance of Japan is in advanced talks to buy Bermuda-based insurer Resolution Life from Blackstone for $8.2 billion, per Nikkei.

Why it matters: It would be the largest-ever acquisition by a Japanese insurer, and reflects how the sector is seeking to diversify as the domestic population ages and shrinks.

Zoom in: Nippon Life already holds a 23% stake in Resolution Life, which offers insurance products in the U.S. and other global markets.

The bottom line: Nippon Life's recent diversification efforts include the $3.8 billion purchase of a 21.6% stake in Houston-based Corebridge Financial from AIG, and the $1.4 billion acquisition of Japanese nursing home and child care firm Nichii.

🚑 Tasca Therapeutics, a Boston-based oncology biotech, raised $52m in Series A funding. Regeneron Ventures and Cure Ventures co-led, and were joined by Invus Group. axios.link/3Zo3CQ6

• AstrixSecurity, an access management startup, raised $45m in Series B funding. Menlo Ventures led, and was joined by Workday Ventures and insiders Bessemer Venture Partners, CRV, and F2 Venture Capital. axios.link/3VzExAK

🚑 Aqemia, a French biotech that leverages theoretical physics and GenAI, raised $38m. Cathay Innovation led, and was joined by Wendel, Bpifrance Large Venture, Eurazeo, and Elaia. axios.link/3OP2ShY

• LambdaTest, an SF-based software testing platform, raised $38m in Series D funding. Avataar Ventures led, and was joined by Qualcomm Ventures. axios.link/3VyUmaJ

• Prima, a Mexican manufacturing and supply chain integrator, raised $23m in Series A funding from Acrew, Nazca, and Quona Capital. axios.link/3BmantI

• Aampe, an SF-based developer of AI agents for consumer apps, raised $18m in Series A funding led by Theory Ventures. axios.link/4gpKwjj

🚑 Biomemory, a Paris-based DNA data storage startup, raised $18m in Series A funding led by Crédit Mutuel Innovation. biomemory.com

• Ask Sage, an Arlington, Va.-based GenAI platform for DoD and other government agencies, raised $17m in Series A funding. Sapphire Ventures led, and was joined by Mucker Capital. axios.link/3OLov2T

• Relai, a Swiss app for buying Bitcoin, raised $12m in Series A funding. Ego Death Capital led, and was joined by Plan B Bitcoin Fund, Timechain, and Solit Group. axios.link/41rx2PX

🌎 Next Sense, a Dutch smart building platform focused on energy efficiency, raised €11.5m. ABP and ETF Partners co-led, and were joined by insiders Edge, SHAPE Capital, and Timeless Investments. axios.link/4gs1yxh

🚑 Evidently, an AI platform for health-care workflows, raised $15m in Series A funding. DN Capital led, and was joined by Framework, Clear Ventures, and Fellows Fund. evidently.com

• Interlace, a Singaporean card issuance and digital asset management platform, raised $10m in Series B1 funding led by Bitrock Capital. axios.link/4faQvaI

• Haven1, a Swiss decentralized blockchain, raised $4.6m from Animoca Brands, KuCoin Ventures, Taisu Ventures, Kronos Research, and IBC Group. axios.link/4gmR8iz

• Arctic Investments, a Finnish developer of microwave amplifier technology, raised €2.35m led by Lifeline Ventures. axios.link/3ZNUdmt

• Blue Owl Capital acquired a passive minority stake in Bitkraft Ventures, a VC firm focused on gaming. axios.link/3ZMw7Z6

• CES Power, a live events infrastructure firm owned by Allied Industrial Partners, acquired Base Craft, a provider of services and equipment for the motion picture industry. cespower.com

• Cinven and Stonepeak are among the bidders for Forgital, an Italian maker of forged components for the aerospace sector that's being sold by Carlyle for around €2.5b, per Reuters. axios.link/41m5GuB

• Clarion Capital Partners acquired Arthur Murray International, an international franchisor of dance studios. arthurmurray.com

🚑 EQT and KKR are among the bidders for Topcon (Tokyo: 7733), a Japanese eye-care equipment maker that's come under activist investor pressure, per Bloomberg. axios.link/3ZNWldX

• Lolli & Pops, a confection retailer backed by TerraMar Capital, acquired Denver-based candymaker Hammond's Candies. axios.link/3VvlzuN

• Mets Logistics, a Philippine cold storage provider, raised around $121m from Singapore's Growtheum Capital Partners. axios.link/49rkxWJ

🚑 OpenClinica, a Needham, Mass.-based portfolio company of Thompson Street Capital Partners, acquired BuildClinical, a New York-based provider of patient recruitment software for academic researchers. openclinica.com

• New Heritage Capital invested in JA Moody, a Malvern, Pa., provider of marine products to U.S. Navy and commercial clients. jamoody.com

• TruArc Partners acquired DMI Personal Care, a contract manufacturer for beauty and personal care brands, and will merge it with existing portfolio company Trademark Cosmetics. dminj.com

• ChampionsGate Acquisition, a SPAC led by Bala Padmakumar, filed for a $200m IPO. axios.link/4issEWS

• ServiceTitan, a tradesperson software firm, increased its IPO price range to $65-$67 from $52-$57 per share (still well below the Series H hurdle). It still plans to offer 8.8m shares and list on the Nasdaq (TTAN). The company raised over $1.4b in VC funding from backers like Battery Ventures, Bessemer Venture Partners, Iconiq, TPG, Thoma Bravo, and Index Ventures. 

• Carlyle agreed to sell 1E, a London-based endpoint management platform, to Germany's Teamviewer (DE: TMV) for $720m. axios.link/3OKdzCC

🚑 Carta Healthcare, an SF-based clinical data company that's raised over $40m from VCs, acquired Realyze Intelligence, a Pittsburgh-based provider of clinical trial patient matching software that had raised over $5m from UPMC Enterprises, Dreamit Ventures, Innovation Works, and Life Sciences Greenhouse Investments. axios.link/3ZvfqQt

• Automattic, the parent company of WordPress.com and Tumblr, agreed to buy WPAI, a developer of AI solutions for WordPress. axios.link/3VvJsmf

• Constellation Brands (BYSE: STZ) agreed to sell the Svedka vodka brand to Kentucky's Sazerac. axios.link/3VvSVKl

• CookUnity, a chef-prepared meal delivery service, acquired Cookin, a provider of business management software for food entrepreneurs, per Axios Pro. Backers in the combined company include Endeavor Catalyst, IDCV, and Relay Ventures. axios.link/4guID4T

• Gen Digital (Nasdaq: GEN) agreed to buy mobile banking firm MoneyLion (NYSE: ML) for around $1b in cash. axios.link/41rwyJt

• Helen of Troy (Nasdaq: HELE) acquired LA-based nail care brand Olive & June for $240m. axios.link/4f7S1KY

• Mambu, a Dutch banking platform valued at around $5.5b, acquired French fintech Numeral, which had raised €13m from backers like Kima Ventures, 20VC, and Hexa. axios.link/4fWtqtH

• MUFG agreed to acquire listed Japanese robo-advisory WealthNavi for approximately $664m. axios.link/41snGU2

• Nykredit, a Danish financial services group, offered to buy Spar Nord Bank (CSE: SPNO) for around $3.5b. axios.link/4g6I2H0

• Prudential PLC (LSE: PRU) is weighing options for asset manager Eastspring Investments, including a minority stake sale, per Bloomberg. axios.link/4fdPDCl

• Roark Capital Partners, a PE firm known for its restaurant investments, is raising its seventh flagship fund, per SEC filings. roarkcapital.com

• Rockefeller University's $2.7b endowment is selling stakes in some private credit funds, per Bloomberg. axios.link/4g3KhuH

• Anand Chandrasekaran joined deep-tech VC firm Celesta Capital as a managing partner. He previously was with General Catalyst. axios.link/4g70pvg

• Xavier Lambert joined LA-based PE firm Pacific Avenue Capital Partners as head of Europe, operating out of a new Paris office. He previously was with OpenGate Capital. axios.link/4imxMfr

American CEOs are getting more confident, according to a new Business Roundtable survey that was seen first by Axios.

• The economic outlook index jumped 12 points in the last quarter, hitting its highest level in more than two years.
• Go deeper with Axios Macro, out daily at noon.