Chocolate giant Mars is to buy the owner of Pringles in a £28bn (€32.75bn) mega-deal that brings two of the world’s biggest food companies together, writes Leah Montebello.
The US conglomerate behind snacks such as Snickers and Skittles will pay £64.96 a share for Kellanova in an all-cash offer.
Kellanova was created when Kellogg’s was split into three last year. Its brands include Pringles, Carrs and Special K.
The proposed deal is the largest-ever acquisition in the packaged food industry and the biggest takeover of 2024 so far.
It comes as food firms struggle with declining volumes and slowing growth. Shoppers are moving away from branded goods and towards supermarkets’ own, cheaper items as inflation and interest rates hit spending.
Poul Weihrauch, chief executive of Mars, said: “We have a substantial opportunity for Mars to further develop a sustainable snacking business fit for the future.
“We will honour the heritage and …