The biggest takeover deal in the food industry in the past decade is a fact: family-owned Mars is acquiring snacks manufacturer Kellanova for nearly 32 billion euros.
Billion-dollar deal
Mars will pay 83.50 dollar per share for Kellanova, for a total of 35.9 billion dollars, the company reported in a press release. The acquisition is the largest deal in the food industry since the 2015 merger of Kraft and Heinz.
Kellanova has been in existence for only two years: it was founded in 2022 as a spin-off from cereal producer Kellogg. The listed company achieved sales of nearly twelve 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 itself accounted for sales of more than fifty billion dollars (45 billion euros) last year and employs more than 150,000 people. The company not only operates in the snack category, with famous brands like Snickers, M&Ms or Twix, but is also a major player in pet food, with Whiskas, Royal Canin and Pedigree. In addition, rice brand Ben’s Original is an important pillar.
