Mars to acquire snack maker Kellanova in $36 billion deal [CNBC]
WK Kellogg Co (KLG)
Company Research
Source: CNBC
The M&M owner Mars is acquiring the Kellogg spin-off company for $83.50 per share, according to the press release. The addition of Kellanova, which separated from its parent company in 2023, will bring massive brands like Pringles and Cheez-Its to Mars' snacking unit. "Kellanova has been on a transformation journey to become the world's best snacking company, and this opportunity to join Mars enables us to accelerate the realization of our full potential and our vision," said Steve Cahillane, chairman, president and CEO of Kellanova, in a statement. The move comes after Kellogg separated its business last year, with its cereal segment trading under WK Kellogg Co, and the remaining snacking and plant-based brands under Kellanova. Kellanova's 2023 net sales topped $13 billion. After years of high inflation, some consumers are pulling back on spending and struggling to afford brand-name snacks, making acquisitions more attractive . Many grocers have leaned into private-label optio
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KLG
News
- WK Kellogg Co to Participate in the Barclays 17th Annual Global Consumer Staples Conference on Wednesday, September 4, 2024PR Newswire
- Confectionery Giant Mars To Acquire Cheez It Parent Kellanova In $35.9B Deal [Yahoo! Finance]Yahoo! Finance
- Mars Buys Snack Maker Kellanova in $36 Billion Deal [Yahoo! Finance Canada]Yahoo! Finance Canada
- Mars Close to $30 Billion Deal for Snack Maker Kellanova, WSJ Reports [BNN Bloomberg (Canada)]BNN Bloomberg
- WK Kellogg Co (NYSE: KLG) had its price target lowered by analysts at JPMorgan Chase & Co. from $22.00 to $17.00. They now have a "neutral" rating on the stock.MarketBeat
KLG
Earnings
- 8/6/24 - Miss
KLG
Sec Filings
- 8/6/24 - Form 10-Q
- 8/6/24 - Form 8-K
- KLG's page on the SEC website