Mars, the American confectionery giant known for brands like M&M’s, Snickers, and Skittles, has announced the acquisition of Pringles maker Kellanova for approximately $36 billion (over 32 billion euros). The deal was confirmed by both companies on Wednesday, with Mars agreeing to pay $83.50 per share for Kellanova.
This acquisition, one of the largest in the sector’s history, had been the subject of speculation earlier this month. Kellanova was recently spun off from Kellogg in October, a company famously known for its cornflakes and other food products.
The acquisition comes at a surprising time, as consumers have been cautious in their confectionery purchases due to rising prices and increasing concerns over the health effects of these products. Despite these challenges, Mars continues to expand its global presence, boasting annual revenues exceeding $50 billion and employing over 150,000 people worldwide.