Current:Home > StocksMars, maker of M&M’s and Snickers, to buy Cheez-It owner Kellanova for nearly $30 billion -ValueMetric
Mars, maker of M&M’s and Snickers, to buy Cheez-It owner Kellanova for nearly $30 billion
View
Date:2025-04-13 13:56:10
Mars, whose brands include M&M’s, Snickers and Skittles, is buying food company Kellanova in a deal worth nearly $30 billion, giving it access to a huge portfolio of consumer brands from Cheez-Its to Pop-Tarts.
Kellanova was created when the Kellogg Co., which was formed in 1906, split into three companies. Kellanova, based in Chicago, houses many brands, including Pringles, Town House, MorningStar Farms and Rice Krispies Treats. It had net sales of more than $13 billion last year and has approximately 23,000 employees.
Mars Inc. said Wednesday that it will pay $83.50 per share in cash. The company put the total value of the transaction at $35.9 billion.
The deal is expected to close in the first half of next year. Once it is complete, Kellanova will become part of Mars Snacking. It will remain based in Chicago.
“The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement.
Shares of Kellanova rose more than 8% before the opening bell Wednesday.
veryGood! (6371)
Related
- British swimmer Adam Peaty: There are worms in the food at Paris Olympic Village
- College football underclassmen who intend to enter 2024 NFL draft
- White House open to new border expulsion law, mandatory detention and increased deportations in talks with Congress
- Judge rejects delay of ruling backing North Dakota tribes’ effort to change legislative boundaries
- Senate begins final push to expand Social Security benefits for millions of people
- DeSantis goes after Trump on abortion, COVID-19 and the border wall in an Iowa town hall
- Russian man who flew on Los Angeles flight without passport or ticket charged with federal crime
- How to clean suede shoes at home without ruining them
- Kentucky Gov. Andy Beshear ready to campaign for Harris-Walz after losing out for spot on the ticket
- Are Ye and Ty Dolla $ign releasing their 'Vultures' album? What to know amid controversy
Ranking
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- Amy Robach and T.J. Holmes Are Avoiding Toxic Gossip Amid Their Exes' New Romance
- DeSantis goes after Trump on abortion, COVID-19 and the border wall in an Iowa town hall
- Turkish referee leaves hospital after attack by club president that halted all matches
- The FTC says 'gamified' online job scams by WhatsApp and text on the rise. What to know.
- This 28-year-old from Nepal is telling COP28: Don't forget people with disabilities
- College football bowl game opt-outs: Who's skipping bowls games to prepare for NFL draft?
- Zara pulls ad after backlash over comparison to Israel-Hamas war images
Recommendation
9/11 hearings at Guantanamo Bay in upheaval after surprise order by US defense chief
Her 10-year-old son died in a tornado in Tennessee. Her family's received so many clothing donations, she wants them to go others in need.
'This is completely serious': MoonPie launches ad campaign targeting extraterrestrials
Five whales came to a Connecticut aquarium in 2021. Three have now died
Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
Southern California school janitor who spent years in jail acquitted of child sexual abuse
13 cold, stunned sea turtles from New England given holiday names as they rehab in Florida
We Went to the First EV Charging Station Funded by the Federal Infrastructure Law