Mars Gets EU Approval for $36B Kellanova (Pringles) Deal

The Mars, Incorporated has secured final approval from the European Commission for its planned acquisition of Kellanova — maker of the iconic snack brand Pringles. The all-cash deal, valued at approximately $36 billion, had been under regulatory review since mid-2025. With EU clearance, the merger is now expected to close on December 11, 2025, subject to customary closing conditions.

Once completed, the combined business will control dozens of global snack brands under one roof — including fan-favorites such as M&M’s, Snickers, Pringles, Pop-Tarts, Cheez-It, and more — forming one of the largest snack-food portfolios in the world.

Why the EU Approved the Deal — What the Commission Found

During its in-depth antitrust review, the European Commission examined whether combining Mars and Kellanova would reduce competition, lead to price hikes or give the merged firm unfair bargaining power with retailers. Despite concerns, the Commission concluded that:

• Existing brand loyalty is not strong enough to prevent consumers from switching among competing products, limiting the merged entity’s ability to dominate shelf pricing.
• The deal would not significantly harm competition across the European Economic Area (EEA), and retailers would still have access to alternative brands from other players.

With this verdict, regulators cleared the final major hurdle standing in the way of the acquisition.

About the Companies

Mars, Incorporated
A family-owned global conglomerate with estimated annual revenues of around $55 billion, Mars is known for its confectionery, pet-care, and food brands. Its snack portfolio already includes major names like M&M’s, Snickers, Twix, Kind, and more.

Kellanova
Kellanova emerged as a stand-alone company following the 2023 spin-off from Kellogg. It owns well-known snack and cereal brands like Pringles, Cheez-It, Pop-Tarts, RXBAR, and various international cereal and frozen-food lines.

The acquisition agreement, first announced in August 2024, valued Kellanova at $83.50 per share in cash — totalling roughly $35.9 billion.

What Changes — For Consumers, Retailers & Global Markets

📦 Industry consolidation and scale benefits

• With the merger, Mars Snacking’s brand-portfolio will expand significantly, creating a global snacks powerhouse with billions in annual revenue and enhanced production & distribution scale.
• The combined company is expected to operate extensive global supply-chains, production facilities, and retail channels — potentially giving it increased efficiency and resources for innovation.

🛒 Shelf competition & pricing — mixed impact

• Regulators believe the merger is unlikely to lead to dramatic price increases because of weak brand loyalty and continued presence of alternative snack brands.
• However, some industry watchers warn that with such a large portfolio, Mars may gain stronger bargaining power with retailers — which could influence product placement, promotions, or pricing down the line.

👥 Workforce & restructuring concerns

• Mars leadership acknowledged possible overlaps between the two companies’ operations and indicated there may be “some areas of overlap … we will look at.” That suggests some job restructuring is possible, especially in back-office, supply-chain, or overlapping manufacturing or distribution units.
• At the same time, given the broader global footprint and brand expansion plans, the company may also create new roles — particularly in marketing, distribution, R&D, and global operations.

Global & Market Implications

• The takeover removes Kellanova from public stock markets — upon closing, its common stock will be delisted from the New York Stock Exchange.
• For investors and index-funds, this means rebalancing: indices holding Kellanova shares will replace them, potentially affecting passive funds and ETFs.
• For the snacks industry at large, the merger marks a major wave of consolidation — which could trigger further deal activity as competitors respond.

What to Watch Next

• The official closing on December 11, 2025 — pending final formalities. After that, Kellanova brands will operate under Mars Snacking.
• Integration plans: how Mars will combine supply-chains, operations, and brand strategies; how quickly Pringles & other Kellanova brands will be merged into Mars’ global network — which impacts product availability, pricing, and innovation cycles.
• Regulatory and competitive scrutiny — despite clearance, regulators and watchdogs may continue to observe pricing, retailer agreements and competitive behavior, especially in Europe and other key markets.

Outcome

With the European Commission’s approval, Mars’ acquisition of Kellanova becomes one of the largest consolidation deals in the global snacks industry. For consumers, it could mean access to a wider portfolio of snack-brands, potentially improved distribution, and perhaps new product innovations. For the industry and retailers, it marks a shift in power dynamics. For markets and investors, it signals a re-shaping of the global snack-food landscape — one where scale, integration, and global reach increasingly matter.