Core Viewpoint - Mars, Incorporated has initiated a private offering of senior notes to finance the acquisition of Kellanova, which is subject to customary closing conditions including regulatory approvals [1]. Group 1: Offering Details - The net proceeds from the offering will be used to fund the acquisition and cover related fees and expenses [1]. - The issuance of the notes may occur before the acquisition closes, and the closing of the offering is not contingent upon the acquisition being completed [1]. - If the acquisition is not completed by August 20, 2026, or if the merger agreement is terminated earlier, the notes will be subject to a special mandatory redemption at 101% of the principal amount plus accrued interest [1][2]. Group 2: Guarantee and Registration - The notes will not be guaranteed by any of Mars' subsidiaries at the issue date, but Kellanova is expected to guarantee them on a senior unsecured basis upon consummation of the acquisition [2]. - The notes are being offered in a private transaction to qualified institutional buyers and non-U.S. persons, relying on exemptions from the registration requirements of the Securities Act [3]. Group 3: Legal and Forward-Looking Statements - The press release does not constitute an offer to sell or solicit offers to buy the notes in jurisdictions where such actions would be unlawful [4]. - The communication includes forward-looking statements regarding the company's future growth and performance, which are based on management's expectations and assumptions that may prove to be inaccurate [5].

(All dollar amounts are expressed in Canadian dollars, unless otherwise noted.) TORONTO, Feb. 28, 2025 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (“Kinross” or the “Company”) (TSX: K, NYSE: KGC) announced today that it has entered into an agreement to acquire 15,410,000 common shares (the “Shares”) of Relevant Gold Corp. (“Relevant Gold”) in a non-brokered private placement at a price of $0.30 per Share for total consideration of $4,623,000. Accordingly, as of today, taking into account the Shares already ...

Merger and Financial Transactions - Kellanova's merger with Acquiror 10VB8, LLC is expected to close in the first half of 2025, pending regulatory approvals[11][12]. - Each share of Kellanova's public common stock will be converted into $83.50 in cash upon the merger's completion[13]. - Wal-Mart Stores, Inc. accounted for approximately 16% of consolidated net sales in 2024, with the top five customers collectively representing about 29% of consolidated net sales[41]. - The total notional amount of foreign currency derivative instruments at year-end 2024 was $5.3 billion, representing a net settlement receivable of $120 million[372]. - The total notional amount of interest rate swaps at year-end 2024 was $1.1 billion, with a net settlement obligation of $43 million[374]. - The total notional amount of commodity derivative instruments at year-end 2024 was $285 million, resulting in a settlement obligation of $3 million[377]. Sustainability and Environmental Goals - Kellanova aims to nourish 1.5 billion people and feed 400 million facing food insecurity by the end of 2030[23]. - The company commits to achieving net-zero GHG emissions across its value chain by 2050, with a target approved by the Science Based Targets initiative[23]. - Kellanova plans to achieve 100% renewable electricity by the end of 2030 and reduce water use in high water stress regions by the same deadline[23]. - The company has implemented initiatives to mitigate environmental risks related to climate change and food security[22]. - Kellanova's Better Days™ Promise aims to create better days for 4 billion people by 2030, focusing on sustainability and equitable access to food[20][18]. - Compliance with environmental regulations did not materially affect capital expenditures or earnings in 2024, and is not expected to do so in 2025[46]. Market and Competition - The company markets its products in over 180 countries, with principal products including snacks and convenience foods manufactured in 20 countries[15]. - Kellanova's principal raw materials include corn, wheat, and vegetable oils, with prices subject to fluctuations due to various external factors[26][28]. - The company faces intense competition in its major product categories, competing with both branded and private label products[43]. Financial Performance and Costs - Research and development expenditures were approximately $115 million in 2024, slightly down from $116 million in 2023 and up from $111 million in 2022[44]. - The company does not anticipate significant negative impacts from the loss of large customers due to strong consumer demand for its products[41]. - The backlog of unfilled orders was not material as of December 28, 2024, and December 30, 2023[42]. - The company expects input cost inflation to be flat during 2025, following moderating supply chain cost inflation in the previous fiscal year[376]. - A one percentage point increase in interest rates would have increased interest expense by approximately $8 million at year-end 2024[374]. - Assuming a 10% decrease in year-end commodity prices, the settlement obligation would have increased by $25 million at year-end 2024[377]. Workforce and Diversity - The company employs approximately 24,000 individuals as of December 28, 2024, with a focus on attracting and retaining talent[47]. - The company is committed to equity, diversity, and inclusion, with ten Business Employee Resource Groups supporting these initiatives[48]. - The company has a competitive compensation and benefits package aimed at promoting employee well-being across various aspects of life[51]. - The company maintains processes for compliance with its Code of Conduct and provides targeted ethics training globally[54]. International Operations - Net sales of the Nigerian business accounted for 6% of consolidated net sales year-to-date period ended December 28, 2024[369]. - The Nigerian subsidiaries had a net monetary liability balance of approximately $128 million as of December 28, 2024[368]. - The consolidated assets of the Nigerian business represented approximately 3% of consolidated assets as of December 28, 2024, down from 5% as of December 30, 2023[369]. - The company has accounted for Nigeria and Egypt as highly inflationary economies effective the fourth quarter of 2024, using the U.S. dollar as their functional currency[366].

Core Viewpoint - Mars Incorporated is set to acquire Kellanova for $83.50 per share, raising questions about the potential outcomes if the acquisition does not proceed [1] Group 1: Acquisition Details - Mars Incorporated is acquiring Kellanova at a price of $83.50 per share [1] Group 2: Investment Perspective - The article emphasizes the importance of identifying undervalued companies with significant upside potential for long-term investment [1] - The author identifies as a value dividend investor focused on long-term growth through dividends [1]

AUVERS-SUR-OISE, FRANCE - 2025/01/11: Lt Gen. Keith Kellogg, former National Security Advisor to U.S. Vice President Mike Pence speaks at the conference and says the regime in Iran is weaker and more vulnerable than it has been in decades. It should not be feared but challenged. At the Trans-Atlantic conference in Auvers-sur-Oise, north of Paris, titled New Policy Toward the Iranian Regime: Standing with the Organized Resistance, former world leaders and military officials from Europe and the U.S. gathered ...

Core Viewpoint - Kinross Gold Corporation reported strong financial and operational results for 2024, achieving record free cash flow and significant debt repayment, while maintaining stable production guidance for the upcoming years [2][5][43]. Financial Performance - Kinross achieved record free cash flow of over $1.3 billion in 2024, more than doubling year-over-year [5][19]. - The company repaid $800 million of debt during 2024, completing the repayment of a $1 billion term loan by February 10, 2025 [23][25]. - Reported net earnings for Q4 2024 were $275.6 million, or $0.22 per share, compared to $65.4 million, or $0.06 per share, in Q4 2023 [20]. - Full-year net earnings for 2024 were $948.8 million, or $0.77 per share, compared to $416.3 million, or $0.34 per share, in 2023 [20]. Production and Cost Metrics - Gold equivalent production for 2024 was 2.13 million ounces, slightly above the guidance of 2.1 million ounces [3][43]. - The production cost of sales per gold equivalent ounce sold was $1,020 for 2024, up from $942 in 2023 [12][44]. - Attributable all-in sustaining cost per gold equivalent ounce sold was $1,388 for 2024, compared to $1,316 in 2023 [15][45]. Operational Highlights - Tasiast achieved record throughput and production, becoming the highest-margin operation for the company [8][26]. - Paracatu delivered over 500,000 gold ounces for the seventh consecutive year [8]. - Bald Mountain converted nearly 1 million resource ounces to reserves, with plans to proceed with mining at the Redbird pit [7][39]. Future Guidance - Kinross expects to produce approximately 2.0 million attributable gold equivalent ounces in 2025, with stable production guidance for 2026 and 2027 [43][44]. - The attributable production cost of sales is expected to be $1,120 per ounce in 2025, reflecting a moderate increase due to lower overall production and inflationary impacts [44][45]. - Attributable capital expenditures for 2025 are forecasted to be approximately $1,150 million [50]. Sustainability and Community Engagement - Kinross is on track to achieve a 30% reduction in emissions intensity by 2030, having implemented over 15 energy efficiency projects in 2024 [56]. - The company provided flood relief aid to communities in Mauritania and Brazil, demonstrating its commitment to local community support [57]. - Kinross was recognized for its corporate governance, ranking as the top gold mining company in The Globe and Mail's annual corporate governance ranking [58].

CHICAGO, Feb. 11, 2025 /PRNewswire/ -- International Day of Women and Girls in Science, celebrated annually on February 11, highlights the vital contributions of women in science, technology, engineering, and mathematics (STEM) while promoting inclusion in these historically male-dominated fields. Recognized by the United Nations, the day inspires future innovators and underscores the importance of diverse voices in solving global challenges. In recognition of International Day of Women and Girls in Scie ...

Core Insights - Kellanova delivered strong fourth-quarter 2024 results, with both top and bottom lines exceeding Zacks Consensus Estimates, and year-over-year earnings growth [1][4] - Despite a year-over-year decline in sales, organic sales increased due to improved volumes and price/mix [1][5] Financial Performance - Adjusted earnings per share (EPS) reached 92 cents, a 17.9% increase year over year, surpassing the Zacks Consensus Estimate of 82 cents [4] - Net sales totaled $3,124 million, exceeding the Zacks Consensus Estimate of $3,093 million, but reflecting a 1.6% decline year over year due to unfavorable currency movements [5] - Organic net sales grew by 7%, driven by improved volumes and price/mix [5] - Adjusted operating profit increased by 14.4% to $448 million, with a 19.9% rise to $470 million on a currency-neutral basis [6] Segment Performance - North America segment sales were $1,561 million, down 1.7% year over year, with organic sales falling 1.5% [7] - Europe segment revenues totaled $601 million, down 2% year over year, with organic sales dropping 1.2% [7] - Latin America revenues were $303 million, down 7.6% year over year, but organic sales increased by 5.5% [8] - Asia Pacific and Middle East & Africa segment revenues reached $659 million, up 2.1% year over year, with organic sales jumping 36.4% [8] Cash Flow and Debt - Kellanova ended the quarter with cash and cash equivalents of $694 million, long-term debt of $4,998 million, and total equity of $3,882 million [9] - The company generated net cash from operating activities of $1,760 million for the year ended December 28, 2024, with capital expenditures of $628 million and free cash flow of $1,132 million [9] Stock Performance - Kellanova's shares have increased by 10.5% over the past six months, outperforming the industry growth of 5.3% [10]

Core Insights - Kellanova reported $3.12 billion in revenue for the quarter ended December 2024, reflecting a year-over-year decline of 1.6% but exceeding the Zacks Consensus Estimate by 1% [1] - The earnings per share (EPS) for the same period was $0.92, which is an increase from $0.78 a year ago, representing a surprise of 12.2% over the consensus estimate of $0.82 [1] Financial Performance Metrics - Net sales in the AMEA region experienced a significant decline of 34.3% compared to the three-analyst average estimate of -28.9% [4] - Total reported growth was -1.6%, slightly better than the estimated -2.6% by three analysts [4] - North America net sales showed a volume impact year-over-year change of 0.5%, outperforming the estimate of 0.2% [4] - Price/mix impact in North America was a decline of 2%, contrasting with the average estimate of a 0.7% increase [4] - Europe net sales were reported at $601 million, which is lower than the estimated $641.84 million, representing a year-over-year decline of 2% [4] - Latin America net sales were $303 million, slightly below the average estimate of $304.79 million, with a year-over-year change of -7.6% [4] - The stock has returned +0.4% over the past month, underperforming the Zacks S&P 500 composite's +2.1% change [3]

Group 1 - Kellanova reported quarterly earnings of $0.92 per share, exceeding the Zacks Consensus Estimate of $0.82 per share, and up from $0.78 per share a year ago, representing an earnings surprise of 12.20% [1] - The company achieved revenues of $3.12 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1%, although this is a decrease from $3.17 billion in the same quarter last year [2] - Kellanova has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2] Group 2 - The stock has gained approximately 1.1% since the beginning of the year, underperforming compared to the S&P 500's gain of 3.1% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $1.02 on revenues of $3.19 billion, and for the current fiscal year, it is $3.92 on revenues of $12.92 billion [7] Group 3 - The Consumer Products - Discretionary industry, to which Kellanova belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, which may impact stock performance [8] - The Zacks Rank for Kellanova is currently 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]