Mars Inc. has agreed to acquire Kellanova for nearly $36 billion, merging two significant food companies in one of the year's largest deals. Mars will pay more than $83 per share in cash, known for products like Pringles and Eggo waffles. Kellanova's stock rose nearly 8% in premarket trading following the announcement. The acquisition comes as the packaged-food industry faces declining volumes and slowing growth. Kellanova has outperformed competitors since spinning off its cereal business. Mars aims to diversify its portfolio and expand internationally through the deal.
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00:00It's Benzinga, and here's what's on the block.
00:03Mars Inc. has agreed to acquire Kello-Nova for nearly $36 billion, merging two significant
00:08food companies in one of the year's largest deals.
00:11Mars will pay more than $83 per share in cash, known for products like Pringles and Eggo
00:16Waffles.
00:17Kello-Nova's stock rose nearly 8% in pre-market trading following the announcement.
00:21The acquisition comes as the packaged food industry faces challenges like declining volumes
00:26and slowing growth.
00:28Kello-Nova has outperformed competitors since spinning off its serial business.
00:32Mars aims to diversify its portfolio and expand internationally through the deal.
00:36For all things money, visit Benzinga.com.