Mars to acquire Pringles maker Kellanova for nearly $36 billion
The Peninsula
New York: M M s and Snickers maker Mars said on Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement...
New York: M&M's and Snickers maker Mars said on Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant.
The all-cash transaction would value Kellanova -- which is behind snacks such as Pringles and Pop-Tarts -- at $35.9 billion, including debt.
"In welcoming Kellanova's portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future," said Mars chief executive Poul Weihrauch in a statement.
The announcement comes as consumers feel the squeeze from rising costs of living, putting pressure on companies to rein in price hikes.
The move could also attract scrutiny from US regulators who have taken a tough stance on consolidations.
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