Mars to Finalise $36bn Kellanova Acquisition Following European Commission Approval

The European Commission has granted unconditional approval for Mars’ $36 billion acquisition of Kellanova, removing the final regulatory hurdle for the confectionery and snacking giant. With this clearance secured, Mars has confirmed that the transaction is expected to close on 11 December 2025.

This development marks the conclusion of Mars' largest acquisition to date, a move originally announced in August 2024. The merger consolidates two massive portfolios, bringing Kellanova’s snacking heavyweights—including Pringles, Cheez-It, and Pop-Tarts, alongside Kellogg’s international cereal brands—under the same roof as Mars' iconic confectionery lines like M&M’s, Snickers, and Twix.

Regulatory Landscape and Timeline

The deal has undergone rigorous antitrust scrutiny in both the United States and Europe to ensure fair market competition and protect consumer pricing.

European Clearance: Confirmed on 8 December 2025, the European Commission provided unconditional approval following an investigation launched earlier in the summer.

US Clearance: The US Federal Trade Commission (FTC) had previously cleared the deal in June.

With all mandatory regulatory approvals now obtained, the transaction will proceed to completion subject to customary closing conditions. Upon finalisation, Kellanova’s common stock will cease trading on the New York Stock Exchange.

Operational Scale and Economics

The combined entity is projected to generate approximately $36 billion in annual revenues. The integration creates a global snacking powerhouse with a footprint spanning over 80 production facilities worldwide.

Headquarters: The Mars Snacking division will continue to be headquartered in Chicago, Illinois.

Andrew Clarke, Global President of Mars Snacking, emphasised the strategic logic of the combination: “We can’t wait to welcome Kellanova talent to Mars and create a shared, global snacking leader with a beloved range of brands. We’ve said all along that Mars Snacking and Kellanova will be better together, building on the strength of our respective legacies and capabilities to unlock new possibilities and drive growth.”

Steve Cahillane, Chairman, President, and CEO of Kellanova, reflected on the transition: “This combination will bring together two purpose-driven and principles-led companies. Serving as Kellanova’s chairman, president and CEO has been a true honour, and I’m looking forward to seeing Kellanova people and brands thrive as part of Mars Snacking.”