The European Commission has green-lighted Mars’ $36bn acquisition of Kellanova, following a full-scale investigation launched in June over concerns the deal could push up prices.
Granted unconditional approval, the takeover ranks among the largest in the global snacks sector and unites a sweeping portfolio under one roof – from M&Ms, Snickers and Twix to Pringles, Pop-Tarts and Kellogg’s global cereal brands.
Following the close of the pending transaction, Mars expects the combined Snacking business to generate around $36bn in annual revenues, with a portfolio that includes nine billion-dollar brands. Mars Snacking will continue to be headquartered in Chicago and operate in more than 145 markets, serving millions of consumers. Powered by a team of more than 50,000 Associates, it will run 80 global production facilities and more than 170 retail outlets such as Hotel Chocolat and M&M’S World.
“We are excited to have received final regulatory approval for the pending acquisition of Kellanova,” said Poul Weihrauch, CEO and Office of the President of Mars, Incorporated. “Our focus now turns to welcoming Kellanova employees to Mars and creating an even more innovative global snacking business that delivers greater choice and quality to more consumers around the world.”
“Today marks an extraordinary milestone and the culmination of years of work for many of our Associates,” said Andrew Clarke, Global President of Mars Snacking. “We can’t wait to welcome Kellanova talent to Mars and create a shared, global snacking leader with a beloved range of brands. We’ve said all along that Mars Snacking and Kellanova will be better together, building on the strength of our respective legacies and capabilities to unlock new possibilities and drive growth.”
Steve Cahillane, Chairman, President and CEO of Kellanova, added: “This combination will bring together two purpose-driven and principles-led companies. Serving as Kellanova’s Chairman, President and CEO has been a true honor, and I’m looking forward to seeing Kellanova people and brands thrive as part of Mars Snacking.”
