Mars to close $36B Kellanova acquisition following EU approval

Core Insights - The merger between Mars and Kellanova is the largest in the food and beverage sector since the $45 billion Kraft Heinz merger in 2015, enhancing Mars' presence in the fast-growing salty snacks market [3][4] - The combined snacking business is projected to generate approximately $36 billion in annual revenue, featuring nine brands that each exceed $1 billion in sales [4] - The merger is expected to improve Mars' competitive position against major players like PepsiCo and Mondelēz International, making it a more formidable competitor in the snacking category [5] Company Strategy - Mars aims to leverage Kellanova's strengths and global reach to create a leading snacking company with a diverse range of brands [4] - The merger is anticipated to foster innovation opportunities, with ideas such as M&M's Pop-Tarts being considered [6] - The expanded portfolio will enable Mars to better address consumer trends, particularly the demand for healthier snack options [6] Regulatory Approval - Mars is set to finalize its $36 billion acquisition of Kellanova on December 11, following the European Union's approval, which was the last of 28 necessary regulatory clearances [8] - The EU concluded that the merger does not raise competition concerns and will not lead to increased prices for consumers [8]