M&amp;M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant.

The all-cash transaction would value Kellanova -- which is behind snacks such as Pringles and Pop-Tarts -- at $35.9 billion, including debt.

"In welcoming Kellanova's portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future," said Mars chief executive Poul Weihrauch in a statement.

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The announcement comes at a time when consumers feel the squeeze from rising costs of living, putting pressure on companies to rein in their price hikes.

The move could, however, attract scrutiny from US regulators who have taken a tough stance on consolidations.

The acquisition for $83.50 per share in cash "accelerates ambition to double Mars Snacking in the next decade, in alignment with global consumer demand trends," Mars said.

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This would bring two new billion-dollar brands, Pringles and Cheez-It, into its business.

Already, the company said it has 15 billion-dollar brands.

"Snacking is a large, attractive and durable category that continues to grow in importance with consumers," Mars added.

Kellanova had net sales in 2023 of around $13 billion, and it is present in 180 markets with some 23,000 employees.

Shares of Kellanova were up by 7.3 per cent in US pre-market trading.

The Mars statement added that most of Kellanova's snack brands outperform competitors, especially among Gen Z and millennial buyers.

The combined portfolio would also be suited to meet demand in fast-growing markets such as Africa and Latin America, given their supply chains and local operations, the company said.

The plan, according to Mars, is to grow Kellanova's brands further.

The deal, which is anticipated to close in the first half of 2025, will need the green light from Kellanova shareholders and also require regulatory approvals.

Mars plans to fully finance the acquisition via a combination of cash-on-hand and new debt, it said, adding that commitments have been secured.

Family-owned business Mars said it employs about 150,000 workers and has over $50 billion in annual sales.

Besides snacking and food products, the company is also involved in the pet care sector.

In 2022, Mars said it reached a deal to buy whole-fruit snacking brand Tru Fru. And two years before that, it announced its acquisition of Kind North America -- which specialises in healthier snacks.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

M&M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant.

M&M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant. The all-cash transaction would value Kellanova -- which is behind snacks such as Pringles and Pop-Tarts -- at $35.9 billion, including debt. "In welcoming Kellanova's portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future," said Mars chief executive Poul Weihrauch in a statement. Also watch | Aid ship carrying food supplies from World Central Kitchen charity reaches Gaza coast × The announcement comes at a time when consumers feel the squeeze from rising costs of living, putting pressure on companies to rein in their price hikes. The move could, however, attract scrutiny from US regulators who have taken a tough stance on consolidations. The acquisition for $83.50 per share in cash "accelerates ambition to double Mars Snacking in the next decade, in alignment with global consumer demand trends," Mars said. Also read | Keto-friendly artificial sweetener linked to heart attack and stroke This would bring two new billion-dollar brands, Pringles and Cheez-It, into its business. Already, the company said it has 15 billion-dollar brands. "Snacking is a large, attractive and durable category that continues to grow in importance with consumers," Mars added. Kellanova had net sales in 2023 of around $13 billion, and it is present in 180 markets with some 23,000 employees. Shares of Kellanova were up by 7.3 per cent in US pre-market trading. The Mars statement added that most of Kellanova's snack brands outperform competitors, especially among Gen Z and millennial buyers. The combined portfolio would also be suited to meet demand in fast-growing markets such as Africa and Latin America, given their supply chains and local operations, the company said. The plan, according to Mars, is to grow Kellanova's brands further. The deal, which is anticipated to close in the first half of 2025, will need the green light from Kellanova shareholders and also require regulatory approvals. Mars plans to fully finance the acquisition via a combination of cash-on-hand and new debt, it said, adding that commitments have been secured. Family-owned business Mars said it employs about 150,000 workers and has over $50 billion in annual sales. Besides snacking and food products, the company is also involved in the pet care sector. In 2022, Mars said it reached a deal to buy whole-fruit snacking brand Tru Fru. And two years before that, it announced its acquisition of Kind North America -- which specialises in healthier snacks. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Mars to acquire Pringles maker Kellanova for nearly $36 billion

There is no shortage of bizarre news on the internet and almost every week, one comes across an oddly shaped food item being sold for eyewatering prices. The latest to join this long line of oddly shaped, extremely expensive food item is a single Sour Cream and Onion Pringle potato chip.

Finding a weirdly shaped chip is not quite rare considering the amount of chips being consumed around the world on a daily basis but a seller in the United Kingdom has demanded £2,000 for that particular Pringle potato chip on eBay as he believes that the shape is "extremely rare".

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According to a report on The Mirror, the seller from High Wycombe, Buckinghamshire described the chip as "brand-new, unused, unopened and undamaged item” on the site and the picture showed that the top edges folded perfectly to line up with the rest of the chip to create an interesting shape.

While there were not many bids on the product, the seller has also included finance options for buying the snack. As a result, any potential buyer can pay £95 every month for two years – taking the price of the chip to a massive £2,280.

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For reference, a packet of Pringles chips is available for around £1.65 in the United Kingdom.

Incidentally, there is another seller who is offering is offering two Sour Cream and Onion snacks for £50 while one in Manchester have decided to ask for £65 for a Honey Glazed Ham flavour Pringle which was described as “Folded back Pringle with a slight crack in it but holding together strongly”.

There is no shortage of bizarre news on the internet and almost every week, one comes across an oddly shaped food item being sold for eyewatering prices. The latest to join this long line of oddly shaped, extremely expensive food item is a single Sour Cream and Onion Pringle potato chip.

There is no shortage of bizarre news on the internet and almost every week, one comes across an oddly shaped food item being sold for eyewatering prices. The latest to join this long line of oddly shaped, extremely expensive food item is a single Sour Cream and Onion Pringle potato chip. Finding a weirdly shaped chip is not quite rare considering the amount of chips being consumed around the world on a daily basis but a seller in the United Kingdom has demanded £2,000 for that particular Pringle potato chip on eBay as he believes that the shape is "extremely rare". Also read | Ukraine pushing back Russians from Kharkiv: Zelensky According to a report on The Mirror, the seller from High Wycombe, Buckinghamshire described the chip as "brand-new, unused, unopened and undamaged item” on the site and the picture showed that the top edges folded perfectly to line up with the rest of the chip to create an interesting shape. While there were not many bids on the product, the seller has also included finance options for buying the snack. As a result, any potential buyer can pay £95 every month for two years – taking the price of the chip to a massive £2,280. Also read | Thailand plans to distribute 1 million cannabis trees to people to promote it as 'household crop' For reference, a packet of Pringles chips is available for around £1.65 in the United Kingdom. Incidentally, there is another seller who is offering is offering two Sour Cream and Onion snacks for £50 while one in Manchester have decided to ask for £65 for a Honey Glazed Ham flavour Pringle which was described as “Folded back Pringle with a slight crack in it but holding together strongly”.

'One of a kind': UK man sells single 'extremely rare' potato chip for £2,000

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