The European Commission has officially cleared the acquisition of U.S.-based Kellanova by confectionery giant Mars, in a deal valued at around $36 billion. It is one of the largest transactions in the packaged food industry in recent years and marks a major expansion of Mars’ global footprint.
Portfolio expansion and EU assessment
Mars, known for brands such as M&M’s, Snickers, and Twix, also owns gum brands and a wide pet food portfolio – including Whiskas and Royal Canin – as well as Ben’s Original rice in the European market.
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Kellanova, formerly part of Kellogg, is recognized in Europe for Pringles and a broad range of breakfast cereals. Through this acquisition, Mars will bring together brands such as Pop-Tarts, Rice Krispies Treats, and Eggo under one umbrella.
The European Commission reviewed the deal to assess its impact on competition within the EU, particularly regarding Mars’ bargaining power with retailers. The investigation concluded that adding Kellanova’s products does not significantly strengthen Mars’ position. Regulators approved the acquisition without conditions.
“Kellanova’s products will not significantly bolster Mars’ position in negotiations with European retailers,” the Commission stated.
Financial details and outlook
In August 2025, Mars announced it would pay $83.50 per share, representing a premium of roughly 33% compared to Kellanova’s early-August stock price.
Last year, Kellanova reported over $13 billion in net sales, operating production sites in 21 countries and distributing its portfolio in more than 180 markets. The acquisition will allow Mars to expand internationally and reduce exposure to cocoa price volatility amid rising raw material costs.
This is Mars’ largest deal since its $23 billion acquisition of Wrigley in 2008 and marks a strategic step in strengthening its role in the global snacks and packaged foods sector.
Photo: Bloomberg
