Snack empire Mars has agreed to buy Kellanova – the creators of Pringles and Cheez-Its – for a lip-smacking £29.9billion ($36bn).
The mega-deal is set to create a global snacks “behemoth”, with Kellanova’s products set to appear alongside Mars’ portfolio of brands including Snickers, M&M’s, and of course the famous Mars bar.
The deal was unveiled today (August 14) and stands as one of the biggest business takeovers of the year. Kellanova said in a filing its shareholders are set to receive £65 per share in cash – a 33% premium to the stock’s closing price on August 2.
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People are licking their lips at the prospect of seeing a union of two of the most popular snacks going – Mars bars and Pringles.
“Snack lovers, rejoice! This deal is a game-changer for our pantry staples,” wrote someone on X/Twitter, reacting to the news.
“A marriage of junk foods,” someone else chimed. One person wasn’t so keen on the deal, complaining: “Don’t be messin’ with my toasted Cheez-Its man.”
(Image: LightRocket via Getty Images)
Kellanova, which also makes Pop-Tarts, Eggo, and MorningStar Farms vegan and vegetarian food, raised its sales forecast after announcing very strong first-half results, CNN reports.
“The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement.
“Kellanova has been on a transformation journey to become the world’s best snacking company, and this opportunity to join Mars enables us to accelerate the realisation of our full potential and our vision,” said Steve Cahillane, Chairman, President and CEO of Kellanova.
“We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team,” said Poul Weihrauch, CEO and Office of the President of Mars.
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