Mars Buying Pringles, Cheez-It Maker Kellanova For Nearly $36 Billion

Core Viewpoint - Mars is acquiring Kellanova for $35.9 billion, marking the largest deal in the packaged food industry in over a decade [1][3]. Group 1: Deal Details - Mars will pay $83.50 per share for Kellanova, which is a 12% premium over Kellanova's closing share price on Tuesday [1][2]. - The acquisition includes Kellanova's brands such as Eggo, Pop-Tarts, and Rice Krispies Treats [2]. - The deal has been approved by Kellanova's board but still requires shareholder and regulatory approval, with an expected closing in the first half of 2025 [2]. Group 2: Industry Context - This acquisition is the largest in the packaged food sector since Mars acquired Wrigley for $23 billion in 2008 [3]. - Mars has been actively diversifying its portfolio beyond chocolate products, especially as cocoa prices have risen [4]. - Kellanova was formed as a spin-off from Kellogg's, which announced a business split in 2022, resulting in Kellanova and WK Kellogg [4].