The shares of Snack Manufacturer Kellanova will increase with the news on Thursday Proposed merger With Mars Inc., the US supervisory authorities had clarified.
The US Federal Trade Commission announced on Wednesday that after almost a year of the investigation, it was found that a merger between Mars and Kellanova would not threaten any competition on the market.
The Kellanova shares rose by almost 1%in morning trade. Mars is held privately.
Mars from McLean, Virginia, makes sweet snacks such as M & MS, Snickers and Skittles as well as Ben’s original rice and pet food. Kellanova from Chicago, which was created in 2023, when The Kellogg Co. Divided into two companies, brands, including Cheez-ITs, Pringles, Eggo, Town House, Morningstar Farms and Rice Krispies Treas.
Last August, Mars announced his intention to buy Kellanova for $ 35.9 billion. It said that the deal would help expand its Snack portfolio and expand worldwide. Around 50% of the Kellanova net turnover comes from outside the USA and Canada.
The President and CEO of Mars, Poul Weihrauch said that the proposed merger with the decision of the FTC has now all exempted all of the 28 legal permits. A antitrust check from the European Commission is still outstanding.
“This brings us a step closer to the union of two legendary companies with complementary footprints and portfolios, so that we can offer consumers more selection and innovation,” said Weihmuch in a statement.
Mars and Kellanova said they expect the deal to close towards the end of this year until European review.
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