Mars and Kellanova have announced that the U.S. Federal Trade Commission (FTC) has completed its antitrust review of Mars’ proposed acquisition of Kellanova, with no conditions or remedies imposed.
In August last year, Mars announced they entered into an agreement to acquire Kellanova for USD $83.50 per share in cash, totalling USD $35.9 billion (approx. NZ$60 billion). The deal will bring together some of the world’s largest confectionery and snack brands, with Kellanova owning brands such as Pringles and Cheez-Its.
The FTC’s decision leaves only one of the 28 required regulatory approvals outstanding – the European Commission review – before the transaction can proceed.
Poul Weihrauch, CEO of Mars, said they are very pleased that the FTC has completed its review of the transaction without the imposition of any condition or requiring any remedy.
“This brings us one step closer to uniting two iconic businesses with complementary footprints and portfolios, allowing us to deliver more choice and innovation to consumers.”
Steve Cahillane, Chairman, President and CEO of Kellanova, said this represents a significant milestone on the path to combine Mars Snacking and Kellanova.
“We continue to believe this is an exciting opportunity to create a broader, global snacking business that is better positioned to meet evolving consumer needs and preferences.”
Mars and Kellanova expect the deal to close by the end of 2025, subject to remaining approvals and customary closing conditions. The companies noted that the exact timing remains uncertain.
Upon completion of the transaction, Kellanova will become part of Mars Snacking, led by Global President Andrew Clarke and headquartered in Chicago. Mars intends to apply its brand-building approach to further grow Kellanova’s brands, including accelerating innovation to meet evolving consumer tastes and preferences, investing locally to expand reach and introducing more better-for-you nutrition options.
