Family-owned candy giant Mars is buying Pringles maker Kellanova in a nearly $36-billion deal, bringing together brands from M&M’s and Snickers to Kellogg’s and Pop-Tarts in the year’s biggest deal to date.
Mars said on Wednesday it will pay $83.5 per share for Kellanova, representing about a 33% premium to its closing price on Aug 2. The packaged-food industry has been grappling with declining volumes, slowing growth and a weakening global consumer.Companies are looking at innovation and new markets to bolster sales as shoppers start to push back on price hikes – a trend that could lead to further consolidation.

Mars’ acquisition “would be the largest packaged-food deal in nearly a decade,” a Bloomberg analyst said. agencies