With Rs 302180 crore, Mars to make biggest buyout in packaged food industry, to buy...

In the biggest buyout in the packaged food industry, candy giant Mars is set to buy Cheez-It and Pringles maker Kellanova in a nearly USD 36 billion (Rs 302180 crore) deal, Reuters reported. Mars' brands include M&M's and Snickers. The company will pay USD 83.50 per share in an all-cash deal for Kellanova, representing about a 33 per cent premium to its closing price on August 2. 

Kellanova will become part of Mars Snacking. Mars is a US multinational manufacturer of confectionery, pet food, and other food products and a provider of animal care services. The company is entirely owned by the Mars family.

Kellanova, which split from WK Kellogg last October, is rooted in a salty snacks business and sells cereal outside of North America. WK Kellogg was left with the North American cereal business of Kellogg, the original parent company.

READ | Meet man with Rs 13420 crore net worth, who left Ratan Tata's company, then started firm from his flat, he is...