Mars, the confectionery, food and petcare giant, has reached an agreement to acquire Pringles and Pop-Tarts maker Kellanova for total consideration of $35.9bn, marking one of the largest deals of the year.
The US conglomerate, known for sugary snacks such as M&M’s, Snickers and Skittles, agreed to pay $83.50 per share for Kellanova in an all-cash transaction and will also take on more than $6bn in net debt.
The offer made by the privately held company represents a premium of more than 69 per cent over where Kellanova’s shares were trading just a few months ago.
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