Mars, the company behind Snickers bars and Pedigree dog food, has agreed a $36 billion takeover of the snack-maker Kellanova in the biggest deal of the year.
The privately owned American group will pay $83.50 per share for Kellanova, representing a premium of about 33 per cent to its closing price on August 2, the day before takeover talks were first reported.
Mars is a confectionery, soft drinks and pet food maker that is owned by the Mars family. The company, which reported sales of $50 billion last year, makes Mars and Snickers bars, M&Ms chocolate sweets, Ben’s Original rice and Dolmio pasta sauce, Whiskas cat food and Pedigree dog food.
Kellanova, the maker of Pringles and Pop-Tarts, was formed in 2023 after the Kellogg