Mars is set to acquire Kellanova in a nearly $30 billion deal according to Reuters, the biggest deal in the CPG sector.
The deal comes days after reports that Mars was exploring a potential acquisition of Kellanova.
The deal comes as sales growth at packaged food companies slow down due to budget-strapped customers opting cheaper, private-labels instead of pricier branded items.
The deal dwarfs Mars’ $23 billion takeover of Wrigley in 2008 and would bring under one roof popular consumer brands, including Mars’ Twix, Bounty and Milky Way chocolates as well as Kellanova’s snacks portfolio of Pop-Tarts, Rice Krispies Treats and Eggo frozen waffles.
