With Rs 302180 crore, Mars to make biggest buyout in packaged food industry, to buy...
The company will pay USD 83.50 per share in an all-cash deal.
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.