Mars Close to $30 Billion Deal for Snack Maker Kellanova, WSJ Reports [BNN Bloomberg (Canada)]
WK Kellogg Co (KLG)
Company Research
Source: BNN Bloomberg
Mars is expected to pay $83.50 per share in cash for the maker of Pringles chips and Eggo waffles, some of the people said, according to the newspaper. An agreement would tie up two major food companies in one of the biggest deals of the year. The packaged-food industry has been grappling with declining volumes, slowing growth and a weakening global consumer. Companies are looking to innovation and new markets to bolster sales as shoppers start to push back on price hikes. Kellanova is faring better than most of its competitors with a string of strong earnings since it spun off the cereal business as WK Kellogg Co. late last year. Earlier this month, Kellanova raised its guidance for the full year as new products and marketing drove higher sales in the second quarter. For closely held Mars, buying Kellanova will help diversify its chocolate-heavy portfolio away from cocoa, whose prices have risen to historic levels this year. Kellanova would also help Mars scale in internationa
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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
- Mars to acquire snack maker Kellanova in $36 billion deal [CNBC]CNBC
- 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
- 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