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Mars, the company behind M&M\u2019s and Snickers, has agreed to acquire Pringles maker Kellanova in a nearly $36 billion deal, marking the largest buyout in the packaged food industry.<\/p>\n
The all-cash offer, announced on Wednesday, is the largest-ever acquisition for the family-owned candy giant. Kellanova stated in a regulatory filing that its shareholders would receive $83.50 per share in cash, representing a 33% premium over the stock\u2019s closing price on August 2, prior to Reuters\u2019 initial report of a potential takeover. The deal values Kellanova at $35.9 billion, including debt.<\/p>\n
Kellanova was established last year when Kellogg\u2019s spun off its North American cereal business, now known as WK Kellogg Co., from its snack business, which was rebranded as Kellanova.<\/p>\n
Kellanova boasts a diverse portfolio of brands, including Pringles, Cheez-It, and Eggo.<\/p>\n
\u201cThe Kellanova brands significantly expand our snacking platform, allowing us to more effectively meet consumer needs and drive profitable business growth,\u201d said Andrew Clarke<\/strong>, global president of Mars Snacking, in a statement.<\/p>\n Mars, a privately owned company, has been expanding beyond its confectionery roots. In 2020, it acquired Kind North America, the maker of Kind Bars. The company has also invested heavily in its substantial pet care division, which includes the Iams pet food brand, along with animal clinics and hospitals.<\/p>\n \u201cIn welcoming Kellanova\u2019s portfolio of growing global brands, we have a substantial opportunity to further develop a sustainable snacking business that is fit for the future,\u201d said Poul Weihrauch<\/strong>, CEO of Mars.<\/p>\n \u201cWe will honor the heritage and innovation behind Kellanova\u2019s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers.\u201d<\/p>\n Mars noted that the deal, pending approval from Kellanova\u2019s shareholders and regulatory authorities, will broaden its portfolio of health and wellness-linked brands that appeal to younger consumers and help meet demand in rapidly growing markets like Africa and Latin America.<\/p>\n \u201cSnacking is a large, attractive, and durable category that continues to grow in importance with consumers,\u201d Kellanova stated.<\/p>\n Steve Cahillane<\/strong>, president and CEO of Kellanova, remarked, \u201cThis is a truly historic combination with a compelling cultural and strategic fit.\u201d<\/p>\n Kellanova, which operates in 180 markets, generated more than $13 billion in revenue last year and employs approximately 23,000 people.<\/p>\n<\/p><\/div>\n