EU probes Mars takeover of Pringles maker Kellanova

Brussels: The European Union said on Wednesday that it had opened an antitrust investigation into Mars s multibillion dollar acquisition of the snack...

Brussels: The European Union said on Wednesday that it had opened an antitrust investigation into Mars's multibillion-dollar acquisition of the snack food business Kellanova over concerns it could lead to higher prices for consumers.

The European Commission said a preliminary assessment indicated that the purchase could increase the bargaining power of Mars, the maker of M&M's and Snickers, towards retailers operating in the 27-nation bloc.

"By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio," EU competition chief Teresa Ribera said.

"As inflation-hit food prices remain high across Europe, it is essential to ensure that this acquisition does not further drive up the cost of shopping baskets," she said.

The in-depth investigation will assess the transaction's impact on the price of products sold by the two companies, she added.