The huge, family-owned Mars makes sweet treats including Twix, Bounty, Milky Way, M&Ms and Skittles, and Kellanova has brands including Pop-Tarts.
They both claim to sell healthier options too, including Nature’s Bakery for Mars and Nutrigrain for Kellanova.
The proposed deal dwarfs Mars’ $23bn takeover of Wrigley in 2008, and is not expected to face too many regulatory hurdles, legal experts told the Reuters news agency.
Kellanova was spun off from Kelloggs in 2023, and sells snacks along with cereal outside North America.
It will become part of Mars Snacking, led by Andrew Clarke, and based in Chicago. The deal is expected to complete in the first half of 2025, Mars said.
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