|
The
U.S. Federal Trade Commission announced late Wednesday that
after nearly a year of investigation, it determined that a
merger between Mars and Kellanova wouldn’t threaten competition
in the market.
Kellanova shares were up nearly 1% in morning trading. Mars is
privately held.
McLean, Virginia-based Mars makes sweet snacks like M&M’s,
Snickers and Skittles as well as Ben’s Original rice and pet
food. Chicago-based Kellanova, which was created in 2023 when
the Kellogg Co. split into two companies, owns brands including
Cheez-its, Pringles, Eggo, Town House, MorningStar Farms and
Rice Krispies Treats.
Last August, Mars announced its intention to buy Kellanova for
$35.9 billion. It said the deal would help it broaden its
snacking portfolio and expand globally. Around 50% of
Kellanova’s net sales come from outside the U.S. and Canada.
Mars President and CEO Poul Weihrauch said that with the FTC's
decision, the proposed merger has now cleared all but one of the
28 regulatory approvals it sought. An antitrust review by the
European Commission remains outstanding.
“This brings us one step closer to uniting two iconic businesses
with complementary footprints and portfolios, allowing us to
deliver more choice and innovation to consumers,” Weihrauch said
in a statement.
Mars and Kellanova said they expect the deal to close towards
the end of this year, pending the European review.
All contents © copyright 2025 Associated Press. All rights reserved
|
|
