FAMILY-OWNED candy giant Mars, whose brands include M&M's and Snickers, said on Wednesday it would buy Cheez-It and Pringles maker Kellanova in a nearly $36 billion deal, making it the biggest deal in the packaged food industry.
FAMILY-OWNED candy giant Mars , whose brands include M&M's and Snickers, said on Wednesday it would buy Cheez-It and Pringles maker Kellanova in a nearly $36 billion deal, making it the biggest deal in the packaged food industry. Mars will pay $83.50 per share in an all-cash deal for Kellanova, representing about 33 percent premium to Kellanova's close on August 2, before Reuters first reported that Mars was exploring a deal for the Pringles maker.
This has spurred deal-making in the packaged food sector as companies seek scale to weather the impact of price inflation and weight-loss drugs weighing on demand.The deal dwarfs Mars' $23 billion takeover of Wrigley in 2008 and would bring under one roof a slate of popular consumer brands, including Mars' Twix, Bounty and Milky Way chocolates, as well as Kellanova's snacks portfolio of Pop-Tarts, Rice Krispies Treats and Eggo frozen waffles.
To Acquire Cheez-It Pringles Maker In $36-B Deal
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