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Mars Inc. is acquiring Kellanova for $35.9 billion in cash.
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The purchase price is $83.50 per share, a 33% premium.
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Kellanova's brands include Pringles, Eggo, Cheez-It, and Pop-Tarts.
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Mars aims to expand its sustainable snacking business.
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CEO Poul Weihrauch praised Kellanova’s legacy and innovation.
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Kellanova’s stock rose 8% to $80.45 before trading began.
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The deal is the largest in the packaged food sector to date.
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The sector is consolidating due to consumer shifts and inflation.
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Few antitrust issues are expected due to minimal brand overlap
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Kellanova, spun off from W.K. Kellogg, focuses on snacks and international cereals.