Candy giant Mars to pay $83.50 per share for Kellanova- WSJ

Investing.comAug 14, 2024 3:06 AM

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Investing.com-- Mars, best known for its eponymous chocolate and brands such as Snickers, is looking to pay $83.50 for each share in packaged foods maker Kellanova (NYSE:K), the Wall Street Journal reported on Tuesday.

The figure represents a 12% premium to Kellanova’s close on Tuesday, while valuing the firm at over $30 billion.

Reuters had reported earlier in August that Mars was considering a takeover of the firm, which is likely to be the biggest deal seen in the packaged food space.

But the deal may also attract antitrust scrutiny, given the similarities in the products offered by both companies, as well as their vast, respective market shares.

Mars is one of the biggest private companies in the world, and owns several popular candy and packaged food brands. Kellanova was spun off from WK Kellogg Co (NYSE:KLG) last October.

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