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Mars, a family-owned candy company, is about to acquire Kellanova, the creator of popular snacks such as Cheez-Its and Pringles.
Family-owned candy giant Mars, known for its brands such as M&M’s and Snickers, is on the verge of acquiring Kellanova, the maker of popular snacks like Cheez-It and Pringles. The deal, appreciated at nearly $30 billion, is expected to be announced on Wednesday.
The deal comes amid a challenging environment for U.S. packaged food companies like Kraft Heinz, Mondelez, and Hershey, which have faced slowing sales growth as consumers turn to more affordable private-label products.
This trend has driven consolidation in the industry as companies seek to increase scale to mitigate the effects of price inflation and changing consumer behavior.
The potential acquisition would be Mars’ largest ever, surpassing its $23 billion acquisition of Wrigley in 2008.
The merger would combine Mars’ confectionery brands, including Twix, Bounty, and Milky Way, with Kellanova’s snack portfolio, featuring Pop-Tarts, Rice Krispies Treats, and Eggo frozen waffles.
Legal experts suggest the acquisition is unlikely to face significant antitrust hurdles due to the limited overlap between Mars and Kellanova’s product offerings.
Kellanova, spun off from WK Kellogg Co. last October, focuses on salty snacks and cereal outside North America. WK Kellogg retained the North American cereal business, continuing as the original Kellogg company.
The acquisition aligns with broader industry trends toward consolidation as companies adapt to evolving market conditions.
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