Update: Mars reached an agreement with Kellanova and will acquire the snack maker in a deal worth over USD 29 billion, the Wall Street Journal reports.

Mars is reportedly considering acquiring Kellanova. This could potentially be one of the biggest deals in the packaged food industry, Reuters estimates. Kellanova’s net sales in 2023 were USD 13 billion, according to recently released financial results.

Kellanova has production facilities in 21 countries and sells its portfolio in more than 180 countries. After separating from WK Kellogg last year, Kellanova’s portfolio comprises snacks such as Pop-Tarts and Rice Krispies Treats, frozen breakfast foods, such as Morningstar Farms and Eggo, and an international cereal division.

Photo: Kellanova social media