BRUSSELS — Mars Inc. said Thursday it has completed its takeover of snack maker Kellanova after receiving unconditional European Union antitrust clearance, a roughly $36 billion deal that folds Pringles, Cheez-It and Pop-Tarts into the owner of M&M’s and Snickers. The Mars Kellanova transaction caps a review focused on whether the expanded portfolio could give Mars more leverage with retailers and ultimately lead to higher prices for consumers, Dec. 11, 2025.
For Mars, which is privately held, the purchase adds major salty-snack and cereal brands to a lineup already heavy on chocolate and gum. For Kellanova, it ends a deal process that stretched from announcement through a year and a half of global filings and antitrust reviews.
Mars Kellanova: EU clearance without conditions
In its decision clearing the merger, the European Commission said it approved the deal unconditionally under the EU Merger Regulation and concluded the acquisition would not raise competition concerns in the European Economic Area.
The ruling followed months of scrutiny into whether a bigger Mars Kellanova could bundle products across categories and gain negotiating muscle with supermarkets. Reuters reported regulators found consumers are not so brand-loyal that they would switch stores if some items were unavailable, limiting the risk that the merged company could demand higher prices from retailers.
Mars said in a Dec. 8 statement that the combined snacking business is expected to generate about $36 billion in annual revenue and include nine brands with more than $1 billion in sales. “We are excited to have received final regulatory approval for the pending acquisition of Kellanova,” Mars CEO Poul Weihrauch said.
How the Mars Kellanova deal unfolded
The current deal traces back to August 2024, when Reuters reported Mars agreed to pay $83.50 per share in cash, valuing the transaction at about $35.9 billion, including assumed net leverage.
Regulatory scrutiny in Europe sharpened in late June 2025, when the European Commission opened an in-depth probe. In its Phase II announcement, the Commission said it had preliminary concerns the broader product portfolio could increase Mars’ negotiating power with retailers in the European Economic Area and put upward pressure on prices.
In the United States, the Federal Trade Commission cleared the Mars Kellanova merger in June 2025 after nearly a year of review, the Associated Press reported, leaving the EU as the final major regulator.
Mars Kellanova integration: brands, jobs and what’s next
Mars said it will keep its global snacking headquarters in Chicago and expects Kellanova’s common stock to be delisted from the New York Stock Exchange. The company has framed the Mars Kellanova combination as a scale play that expands distribution and supports new product development across categories.
At the same time, executives have acknowledged overlap as the businesses are combined. Mars Snacking global president Andrew Clarke told Reuters there will be “some areas of overlap” the company will review as it integrates teams and operations.
Kellanova confirmed the transaction’s completion in a Dec. 11 release. Mars Kellanova now shifts from regulatory defense to integration, with retailers and competitors watching how the enlarged group manages pricing and promotions across the snack aisle.
