The biggest takeover deal in the food industry in the past decade is a fact: family-owned Mars is acquiring listed snacks manufacturer Kellanova for nearly 36 billion dollars (32 billion euros).
Billion-dollar deal
Mars will pay 83.50 dollar per share in cash for Kellanova, for a total of 35.9 billion dollars. The company reported this in a press release on Wednesday. The acquisition is the largest deal in the food industry since the 2015 merger of Kraft and Heinz.
Kellanova emerged in 2022 as a spin-off from US-based Kellogg. The listed company achieved sales of more than 13 billion dollars (nearly 12 billion euros) in 2023, is present in 180 markets and has some 23,000 employees. Its portfolio includes well-known brands such as Pringles, Cheez-It, Pop-Tarts, and Kellogg’s.
Mars accounted for sales of more than 50 billion dollars (45 billion euros) last year and employs more than 150,000 people. The company not only operates in the snack category, with iconic products like Snickers, M&Ms or Twix, but is also a major player in pet food, with Whiskas, Royal Canin and Pedigree, among others.
