Mars to buy Pringles maker Kellanova in $35.9bn deal

Mars confirmed on Wednesday that it has agreed to buy Pringles and Cheez-It maker Kellanova in a $35.9bn deal.

Under the terms of the transaction, Mars will pay $83.50 per share in cash.

All of Kellanova’s brands, assets and operations, including its snacking brands, portfolio of international cereal and noodles, North American plant-based foods and frozen breakfast are included in the transaction.

Mars noted that in 2023, Kellanova, which makes Rice Krispies and Pop-Tarts, had net sales of more than $13bn, with a presence in 180 markets and approximately 23,000 employees.

Mars chief executive Poul Weihrauch said: "In welcoming Kellanova’s portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future.

"We will honour the heritage and innovation behind Kellanova’s incredible snacking and food brands while combining our respective strengths to deliver more choice and innovation to consumers and customers. We have tremendous respect for the storied legacy that Kellanova has built and look forward to welcoming the Kellanova team."

At 1230 BST, Kellanova shares were up 8% in pre-market trade at $80.43.