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Mars Set to Win EU Approval for $36bn Kellanova Deal
October 8, 2025
Mars’ $36bn acquisition of Pringles maker Kellanova is expected to receive unconditional EU antitrust approval, according to sources. The deal, already cleared by US regulators, would unite brands such as M&Ms, Snickers, Whiskas, Pringles, Pop-Tarts, and Kellogg’s cereals under one company. Although the European Commission had earlier raised concerns about potential price increases and market power, it later found no sufficient grounds to demand concessions. A final EU decision is expected by December 19. The merged entity would control about 12% of the US snacking and candy market, per NielsenIQ data.
Its dollar bonds traded with a positive bias, for instance its 4.75% 2033s was up by 0.3 points to 100.73, yielding 4.6%
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