Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
European regulators are poised to launch an antitrust investigation into Mars’s $35.9bn acquisition of Pringles and Pop-Tarts maker Kellanova, according to people briefed on the decision.
The privately held conglomerate’s agreement to buy its US rival was one of last year’s biggest M&A deals.
Mars, known for sugary snacks such as M&M’s, Snickers and Skittles, had not offered remedies to address European Commission concerns about high market shares identified in a preliminary review of the acquisition, the people said.
Poul Weihrauch, chief executive of Mars, which is one of the world’s largest family-owned businesses, previously said he did not anticipate major regulatory scrutiny because the Mars and Kellanova businesses were complementary.
Kellanova, which also makes Cheez-It crackers, Rice Krispies Treats and Eggo waffles, was created in 2023 after Kellogg separated its breakfast cereals and snacks businesses.
The deal is one of the biggest in the food sector — which has suffered from consumer spending cuts — in several years.
The commission declined to comment. Mars and Kellanova did not immediately respond to a request for comment.
The potential investigation was first reported by Reuters.
Additional reporting by Madeleine Speed in London
