Leave alone IMF a chocolate company Mars, a Jewish company will acquire another brand in a whooping 36 billion USD deal.
The M&M owner Mars is acquiring the Kellogg
spinoff company for $83.50 per share, according to the press release. The addition of Kellanova, which separated from its parent company in 2023, will bring massive brands like Pringles and Cheez-Its to Mars’ snacking unit.
“We buy businesses to grow businesses, and we look to grow for generations,” Mars CEO Poul Weihrauch said on CNBC’s “Money Movers.”
The move comes after Kellogg separated its business last year, with its cereal segment trading under WK Kellogg Co, and the remaining snacking and plant-based brands under Kellanova. Net sales in 2023 for Kellanova topped $13 billion.
After years of high inflation, some consumers are pulling back on spending and struggling to afford brand-name snacks, making acquisitions more attractive. Many grocers have leaned into private-label options to entice consumers who are looking for value.
“It’s our job as a business to try and absolve as much of these input costs as possible and put on as little as required to the consumers,” Weihrauch told CNBC. “We believe that coming together will make us stronger in absolving these shocks.”
