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EXCLUSIVE: SNICKERS MAKER MARS EXPLORES ACQUISITION OF KELLANOVA, SOURCES SAY

By Anirban Sen
August 4, 20249:27 PM GMT+2Updated 6 days ago
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Mars and Snickers bars are seen in this picture illustration taken February 23,
2016. REUTERS/Fabrizio Bensch/Illustration/File Photo Purchase Licensing Rights,
opens new tab
Family-owned packaged food giant Mars, whose candy brands include M&M's and
Snickers, is exploring a potential acquisition of Kellanova K.N, maker of snacks
such as Cheez-It and Pringles, according to people familiar with the matter.
A deal would be one of the biggest ever in the packaged food sector, given
Kellanova's market value of about $27 billion including debt, and test the
appetite of regulators to allow consolidation in the sector.
Advertisement · Scroll to continue

Shares of Kellanova are up about 20% since it split from WK Kellogg Co KLG.N
last October, but are still trading at a discount to some of its peers, such as
Hershey HSY.N and Mondelez International MDLZ.O, making it a potential
acquisition target.
There is no certainty that Kellanova will pursue a deal with Mars, the sources
said. Another suitor could also approach Kellanova, and it's possible that no
deal with any party is reached, the sources added, requesting anonymity because
the matter is confidential.
Advertisement · Scroll to continue

Kellanova declined to comment, while spokespeople for Mars did not immediately
respond to requests for comment.
Dealmaking in the packaged food sector has been robust as companies seek scale
to weather the impact of price inflation and weight-loss drugs weighing on
demand.
Last year, J.M. Smucker SJM.Nacquired Twinkies maker Hostess Brands for $5.6
billion, in a deal that united two major American snack makers.

But many of the deals have been smaller than the mega merger between Heinz and
Kraft clinched almost a decade ago, as U.S. antitrust regulators have become
more concerned about such transactions leading to higher prices and fewer
choices for consumers.
Food prices have risen 25% between 2019 and 2023, faster than other consumer
goods and services, according to recent statistics from U.S. Department of
Agriculture.

The Federal Trade Commission and the state of Colorado have sued to block
grocery store operator Kroger's KR.N $25 billion proposed acquisition of
Albertsons ACI.N, citing concerns the deal would hike prices for millions of
Americans.
A deal for Kellanova would be the biggest ever for Mars, dwarfing its $9.1
billion takeover of veterinary hospital operator VCA in 2017.
The McLean, Virginia-based company has been seeking to diversify its business
through acquisitions. It is owned by its founder Frank C. Mars’ descendants and
generates about $47 billion in annual sales. It operates under three divisions;
Mars Petcare, Mars Snacking, and Mars Food & Nutrition.

Kellanova makes its products in 21 countries and markets them in more than 180
countries. Its separation from WK Kellogg last year left Kellanova with snacks,
such as Pop-Tarts and Rice Krispies Treats, frozen breakfast foods, such as
Morningstar Farms and Eggo, and an international cereal division.
WK Kellogg, which has a market value of $1.5 billion, kept the cereal business
in North America, including Kellogg's, Froot Loops, Frosted Flakes and Rice
Krispies cereals, under a licensing agreement it inked with Kellanova.
Reuters reported in May that investment firm TOMS Capital Investment Management
had taken a stake in Kellanova and was discussing with the company how it can
improve shareholder returns. The details of the discussions between TOMS and
Kellanova could not be learned.

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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Purchase Licensing Rights
Anirban Sen

Thomson Reuters

Anirban Sen is the Editor in Charge for U.S. M&A at Reuters in New York, where
he leads the coverage of the biggest deals. After starting with Reuters in
Bangalore in 2009, Anirban left in 2013 to work as a technology deals reporter
in several leading business news outlets in India, including The Economic Times
and Mint. Anirban rejoined Reuters in 2019 as Editor in Charge, Finance to lead
a team of reporters, covering everything from investment banking to venture
capital. Anirban holds a history degree from Jadavpur University and a
post-graduate diploma in journalism from the Indian Institute of Journalism &
New Media.

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