Kellanova Acquisition by Mars Moves Ahead as U.S. Approves Deal; EU Raises Concerns

Deal News | Jun 26, 2025 | EIN

The U.S. Federal Trade Commission (FTC) has granted early termination of its review on Mars' pending acquisition of the snack food company Kellanova. The decision indicates that the transaction does not meet the anticompetitive standards, allowing Mars to move forward with the acquisition without conditions. This deal, valued at $35.9 billion, would integrate iconic brands like Pringles and Cheez-It into Mars' portfolio, further solidifying its position in the global snack industry. The FTC's decision followed an extended investigation but ultimately concluded with no violations of U.S. laws. Meanwhile, the European Union has launched its own in-depth antitrust investigation due to concerns that the acquisition could increase Mars' bargaining power with retailers, potentially driving up food prices across the EU. Mars has expressed disappointment but remains optimistic about the EU investigation. Both Mars and Kellanova are eagerly proceeding, with only the EU review pending among the required 28 regulatory clearances.

Sectors

Food and Beverage
Regulatory Oversight

Geography

United States – The U.S. FTC has completed its review of the Mars' acquisition of Kellanova, allowing the deal to proceed without restrictions.
European Union – The EU is conducting its own investigation into the acquisition, focusing on potential impacts on market competition and consumer prices.
Global – Mars aims to expand its market reach in fast-growing regions, including Africa and Latin America, through this acquisition.

Industry

Food and Beverage – The article is focused on the acquisition of a snack business, highlighting the involvement of prominent food brands like Pringles and Cheez-It.
Regulatory Oversight – The article discusses the antitrust evaluations by both the U.S. FTC and the European Union, emphasizing the importance of regulatory approval in major corporate transactions.

Financials

35.9 billion – The valuation of Kellanova in the acquisition by Mars.

Participants

Name	Role	Type	Description
Mars	Acquirer	Company	A global manufacturer of confectionery, pet food, and other food products, known for brands like M&M's and Snickers.
Kellanova	Target Company	Company	A snack food company owning brands like Pringles and Pop-Tarts, and a spin-off from Kellogg's.
Federal Trade Commission (FTC)	Regulatory Authority	Government	U.S. government agency responsible for protecting consumers and ensuring competition.
European Commission	Regulatory Authority	Government	The executive branch of the European Union responsible for proposing legislation and implementing decisions.