(Reuters) – Family-owned candy giant Mars, whose brands include M&M’s and Snickers, is nearing a deal to acquire Kellanova, maker of snacks such as Cheez-It and Pringles, for nearly $30 billion, a person familiar with the matter told Reuters on Tuesday. As Mars acquires Kellanova, industry experts anticipate significant shifts in the confectionery and snack markets. #MarsAcquiresKellanova
Mars will pay $83.50 per share in an all-cash deal for Kellanova that is set to be announced on Wednesday, the source said, requesting anonymity since discussions were confidential.
Kellanova and Mars did not immediately respond to Reuters requests for a comment.
Earlier this month, Reuters was first to report that Mars was exploring a deal for Kellanova.
Dealmaking in the packaged food sector has been robust as companies seek scale to weather the impact of price inflation and weight-loss drugs weighing on demand.
The potential Kellanova deal would be the biggest ever for Mars, dwarfing its $23 billion takeover of Wrigley in 2008.
The Wall Street Journal reported the terms of the deal earlier on Tuesday.
Consequently, Mars aims to leverage Kellanova’s established market presence and diverse brands. This acquisition could enhance Mars’ competitive edge, allowing it to offer a broader range of products. Moreover, it underscores Mars’ commitment to growth and innovation. #MarsAcquiresKellanova
Furthermore, Mars acquires Kellanova, reflecting broader industry trends towards consolidation. This move demonstrates Mars’ strategy to drive growth. With Mars acquiring Kellanova, the company’s future looks promising. Transitioning into new markets and product lines will be crucial for Mars’ continued success.
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