Mars is offering $83.50 per Kellanova share. On Tuesday, the stock closed at $74.5. Neither Mars nor Kellanova immediately responded to a Reuters request for comment.
Kellanova split from cereal maker Kellogg last year. It also owns the Pop-Tarts, Eggo and MorningStar Farms brands and some cereals and noodles.
Mars is a family business and sells food products such as Ben’s Original rice as well as candy and snacks. It also has a significant pet food business.
Photo: Fabrizio Bensch, Reuters
Mars chocolate bar
The final event in Mars would be the largest to date. It would surpass the takeover of Wrigley in 2008 for $23 billion.
There have been a number of recent transactions in the packaged food industry. Companies are trying to increase their scale to deal with the effects of rising prices and interest in weight loss drugs, which reduces demand.
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Economic
2024-08-14 07:06:41
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