Family-owned candy giant Mars planet is buying Pringle Manufacturer Kelanova The deal, worth nearly $36 billion, brings together brands from M&M's and Snickers to Kellogg's and Pop-Tarts in the biggest deal of the year. deal to date.
Mars said Wednesday it would pay $83.5 a share for Calanova, a roughly 33% premium to its Aug. 2 closing price.The packaged-food industry is struggling with declining volumes, slowing growth and a weak global consumer. Companies are looking to innovation and new markets to boost sales as shoppers begin to balk at price increases — a trend that could lead to further consolidation.
Mars said Wednesday it would pay $83.5 a share for Calanova, a roughly 33% premium to its Aug. 2 closing price.The packaged-food industry is struggling with declining volumes, slowing growth and a weak global consumer. Companies are looking to innovation and new markets to boost sales as shoppers begin to balk at price increases — a trend that could lead to further consolidation.
Mars planet acquisition One Bloomberg analyst said it would be “the biggest packaged-food deal in nearly a decade.”