In $36 billion deal, Mars to buy Pringles maker Kellanova

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Family-owned candy giant

Mars

is buying

Pringles

maker

Kellanova

in a nearly $36-billion deal, bringing together brands from M&M’s and Snickers to Kellogg’s and Pop-Tarts in the year’s biggest

deal

to date.
Mars said on Wednesday it will pay $83.5 per share for Kellanova, representing about a 33% premium to its closing price on Aug 2. The packaged-food industry has been grappling with declining volumes, slowing growth and a weakening global consumer.

Companies are looking at innovation and new markets to bolster sales as shoppers start to push back on price hikes – a trend that could lead to further consolidation.

Mars’

acquisition

“would be the largest packaged-food deal in nearly a decade,” a Bloomberg analyst said. agencies