The privately held maker of popular chocolate bars including Snickers, M&Ms and Milky Way said it has agreed to pay $83.50 a share.
Chocolate giant Mars announced that it was acquiring rival snack company Kellanova in a deal valued at nearly $30 billion — the largest ever acquisition in the packaged food industry.
The deal surpasses 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. The FTC charged the deal will eliminate “fierce competition between Kroger and Albertsons “leading to higher prices for groceries and other essential household items for millions of Americans.”
This is because of the limited overlap between their offerings. Mars’ portfolio, which includes Twix, Bounty and Milky Way, centers on candy and sweets, such as chocolate.
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