The US food company Mars is taking over the food manufacturer Kellanova. Both companies are known in Germany for numerous branded products.
The US food company Mars wants to take over the food manufacturer Kellanova. The shareholders of the listed company Kellanova are to receive 83.50 US dollars per share. This is according to matching statements published by both companies. The total volume of the transaction, including debt, is 35.9 billion US dollars. That is the equivalent of around 32.57 billion euros.
Mars is known in Germany for chewing gums such as Airwaves and Wrigley’s Extra, chocolate bars (Mars, Snickers, Bounty), pet food (Whiskas, Chappi) and staple foods such as rice (Ben’s Original) and pasta dishes (Mirácoli). The group, which has more than 150,000 employees, reported sales of the equivalent of more than 45 billion euros in 2023. Consumers know Kellanova from brands such as Pringles and Kellogg’s. According to the announcement, the company generated net sales of the equivalent of almost 11.8 billion euros in 2023, is represented in 180 countries worldwide and employs around 23,000 people.
The transaction includes all of Kellanova’s brands, assets and business areas. The purchase agreement was unanimously approved by the company’s board of directors, it said. The takeover is still subject to the approval of Kellanova shareholders, among other things, and is expected to be completed in the first half of 2025. Analysts do not expect any major problems from the antitrust authorities, as the products would only overlap to a limited extent.
Source: Stern
