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Maroc Maroc - NEWSDELIVERS.COM - A La Une - 15/Aug 03:18

Mars Acquires Pringles Maker Kellanova for Nearly $36 Billion

Mars, the maker of M&Ms and Snickers, said Wednesday it will buy snack food company Kellanova, marking a multibillion-dollar deal that could usher in a new era in the snack food industry. The cash deal would buy Kellanova, maker of snacks such as Pringles and Pop-Tarts, for $35.9 billion, including debt. “In welcoming Kellanova's growing global portfolio, Mars has a tremendous opportunity to further develop a sustainable snacking business that is fit for the future,” Mars chief executive Poul Weihrauch said in a statement. Mars Inc. headquarters in McLean, Virginia, United States, August 10, 2024. (Abigail Summerville/REUTERS) The announcement comes as consumers feel the pinch from rising living costs, putting pressure on companies to rein in price increases. But the move could draw scrutiny from U.S. regulators who have taken a tough stance on business consolidation. The acquisition, valued at $83.50 per share in cash, “accelerates Mars' ambition to double its snack products over the next decade, in line with global consumer demand,” Mars said. It will welcome two new billion-dollar brands, Pringles and Cheez-It, into its business. The company says it already has 15 billion-dollar brands. Kellanova recorded net sales of about $13 billion in 2023, and is present …

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