A takeover would top the value of the year’s biggest deal: snack maker Mars Inc.’s agreement to buy Kellanova for nearly $36 billion.

Mondelez is exploring an acquisition of iconic chocolate maker Hershey, in a potential deal that would create a food giant with combined sales of almost $50 billion.

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