Mars closed its $35.9 billion purchase of Kellanova on Dec. 11, 2025, taking the Pringles and Pop-Tarts maker private and folding its brands into Mars Snacking. In March 2026, Mars said it would spend $100 million expanding its Chicago headquarters and add 600 jobs there. The city is now the base for Mars’s North America region and its Accelerator Division.
The European Commission cleared the deal in December 2025 without remedies. It published the full 109-page decision on July 24, 2026, setting out its review of whether Mars could use a broader portfolio to win better terms from retailers. The Commission said evidence from delisting episodes and consumer data did not support that concern.
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Key Indicators
$35.9B
Total value of Mars–Kellanova deal
All-cash enterprise value, including assumed debt, making it 2024’s largest packaged-food acquisition.
$83.50
Cash per Kellanova share
Offer price, roughly a 44% premium to Kellanova’s prior 30-day average trading level.
$100M
Chicago headquarters expansion
Mars says it will spend $100 million to expand its Chicago headquarters and add 600 jobs.
600
New Chicago jobs
Jobs Mars expects to create through the headquarters expansion announced in March 2026.
9
Billion-dollar brands at Mars Snacking
Mars says the combined snacking unit has nine brands topping $1 billion in annual sales.
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14 events
Latest: July 24th, 2026 · 4 months ago
Showing 8 of 14
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July 2026
EU Publishes Full Decision Clearing Mars–Kellanova
LatestRegulatory
The European Commission releases the public version of its 109-page decision clearing the deal without remedies. The decision details its review of whether Mars could use a broader portfolio to win better terms from retailers.
March 2026
Mars Announces $100 Million Chicago Headquarters Expansion
Corporate
Mars says it will spend $100 million to expand its Chicago headquarters and add 600 jobs, taking over the former Kellanova global and North America headquarters. Chicago becomes the base for Mars’s North America region and Accelerator Division.
January 2026
Cheez-It Wins Product of the Year 2026 Award
Market
Cheez-It, now owned by Mars following the Kellanova acquisition, is named Product of the Year 2026 winner in the Crisps and Snacks category, signaling early commercial success under new ownership.
Industry Analysis Highlights 2026 Innovation Focus
Corporate
FoodNavigator publishes an analysis predicting Mars will focus on product innovation in 2026, including possible flavor mashups between Mars and Kellanova brands.
Cahillane Exits Kellanova, Joins Kraft Heinz as CEO
Corporate
Steve Cahillane steps down from Kellanova effective January 1 to become Chief Executive Officer of Kraft Heinz, replacing Carlos Abrams-Rivera. He will lead Kraft Heinz through its planned 2026 split into two independent companies.
December 2025
Mars Leases Major Chicago Office Space for Expanded Snacking Unit
Corporate
Mars reaches agreement to lease over 100,000 square feet at 400 N. Aberdeen St. in Chicago's Fulton Market District, signaling physical consolidation of its expanded Mars Snacking headquarters following the Kellanova acquisition.
Mars Closes Acquisition, Kellanova Leaves Wall Street
Closing
Mars and Kellanova announce completion of the transaction; Kellanova becomes a wholly owned Mars subsidiary and its shares are delisted from the NYSE.
EU Clears Mars–Kellanova After Full Investigation
Regulatory
The European Commission approves the $36 billion takeover without any divestments or remedies, removing the final big regulatory obstacle to closing.
Kellanova’s S&P 500 Exit Cleared as Ares Steps In
Market
S&P Dow Jones Indices announces that Ares Management will replace Kellanova in the S&P 500 ahead of Mars’s closing.
June 2025
FTC Ends U.S. Antitrust Review, Says Deal Isn’t Illegal
Regulatory
After a yearlong probe, the FTC grants early termination of its investigation, saying evidence does not support blocking the Mars–Kellanova merger.
Europe Opens Deeper Probe Into Snack-Sector Power
Regulatory
Within hours of the FTC’s green light, the European Commission launches an in‑depth Phase II review over potential price hikes and retailer squeeze.
November 2024
Kellanova Shareholders Sign Off on Mars Takeover
Shareholder Vote
Kellanova investors approve the Mars acquisition at a special meeting, clearing a key condition for closing.
August 2024
Mars Announces $35.9 Billion All-Cash Deal for Kellanova
Deal Announcement
Mars and Kellanova unveil an agreement for Mars to acquire all Kellanova shares for $83.50 in cash, valuing the company at $35.9 billion including debt.
October 2023
Kellogg Spins Off Cereals, Births Snacks-Led Kellanova
Corporate
Kellogg completes the separation of WK Kellogg Co, leaving Kellanova as a global snacks and international cereal company.
Scenarios
1
Mars Turns Into a Snack Superpower — and Quietly Pushes Prices Higher
Likely
Discussed by: Forbes columnists, grocery-industry analysts, and M&A commentary from Cornell Mergersight and AInvest
In this scenario, Mars wrings the synergies it promised from Kellanova: shared factories, logistics and marketing bring real cost savings, and the enlarged Mars Snacking unit gains even more leverage over supermarket chains. With snacks and candy already highly concentrated, gradual price increases and richer trade terms stick, especially where private‑label rivals are weak. Regulators, having already cleared the deal, struggle to respond unless there’s an obvious smoking gun, leaving consumers to absorb higher prices over several years.
2
Backlash Builds: Regulators and Retailers Reopen the Mars–Kellanova Question
Possible
Discussed by: Antitrust commentators, consumer advocates, competition-law outlets such as Competition Today
Here, post‑merger pricing and shelf‑space tactics spark a backlash. Independent grocers and large chains complain that a turbocharged Mars is using its broad portfolio to demand preferential placement and fees across categories, echoing concerns flagged by skeptics when the deal was announced. If food inflation flares again, lawmakers may push the FTC or the European Commission to revisit the combined company’s behavior, perhaps through conduct remedies or new sector‑wide rules on slotting fees and ‘category captain’ arrangements.
3
Mars Reshuffles the Portfolio, Spinning or Selling Non-Core Brands
Mega‑mergers often look neat on slides but messy in operations. If integration proves harder than expected, or if parts of Kellanova underperform inside Mars, the company could streamline by selling or spinning smaller or non‑core lines – especially in low‑growth frozen or plant‑based categories. That would echo the way Kraft’s Cadbury acquisition eventually led to a split into Kraft Heinz and Mondelez. Investors and rivals would watch closely for divestiture opportunities in snacks, breakfast or plant‑based brands.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
1 of 3
2008–2016
Mars’s 2008 Wrigley Buyout
In 2008, Mars, backed by Warren Buffett’s Berkshire Hathaway, bought Wrigley for about $23 billion, uniting two candy giants under private ownership. Over subsequent years Mars integrated Wrigley and later folded its chocolate and Wrigley units into a single confectionery business.
Then
The deal vaulted Mars into the top tier of global confectionery and loaded it with acquisition debt.
Now
Integration was largely viewed as successful, cementing Mars’s playbook of using big, debt‑funded deals to scale snacks.
Why this matters now
Shows Mars has executed transformative, leverage‑heavy deals before and suggests it sees Kellanova as a repeatable version of the Wrigley playbook, just across more snack categories.
2 of 3
2009–2015
Kraft’s Takeover of Cadbury and Birth of Mondelez
Kraft Foods’ hostile bid for UK chocolate maker Cadbury in 2009 provoked political fury and worries about plant closures. Kraft prevailed in 2010, then struggled with culture clashes and portfolio sprawl before eventually splitting its global snacks business into a new company, Mondelez International, in 2012.
Then
The merger expanded Kraft’s footprint but generated controversy over factory shutdowns and broken job promises.
Now
The split into Kraft Heinz and Mondelez highlighted how mega‑mergers can force later break‑ups when strategies diverge.
Why this matters now
Provides a cautionary tale that even successful snack mergers can trigger public backlash, restructuring and eventual portfolio surgery – all risks Mars will have to manage.
3 of 3
2022–2023
Kellogg’s 2023 Breakup Into Kellanova and WK Kellogg Co
Kellogg announced plans to break into more focused companies, then in October 2023 spun off WK Kellogg Co as its North American cereal arm while renaming the remaining snacks‑led business Kellanova. The move aimed to give investors a purer bet on faster‑growing snacks and emerging markets.
Then
Kellanova debuted as a ‘snacks‑led powerhouse’ with about $13.5 billion in projected 2024 sales.
Now
Within two years, its independence ended in a sale to Mars, undercutting the idea of a long-lived standalone snacks champion.
Why this matters now
Shows how quickly strategic narratives can flip: a spin‑off marketed as value‑creating independence became a stepping‑stone to further consolidation.
