Mars, the closely-held maker of Snickers and M&M's, is weighing a takeover offer for Kellanova, a New York-listed snackmaker formed last fall via a spinoff from cereal giant Kellogg, according to both Reuters and Bloomberg.
Why it's the BFD: Salty snacks > macro.
Kellanova, whose brands include Cheez-It and Pringles, should be getting hammered by both the Ozempic effect and consumer weariness over inflation.
But it just beat on the top and bottom lines, despite sales volume challenges, and now could be in line for a buyout premium.
Go deeper, via Reuters: "A deal would be one of the biggest ever in the packaged food sector, given Kellanova's market value of about $27 billion including debt, and test the appetite of regulators to allow consolidation in the sector."
