The deal comes as sales growth at US packaged food companies slows due to budget-strapped customers opting for cheaper, private labels instead of pricier branded items.
Family-owned candy giant Mars , whose brands include M&M's and Snickers, said on Wednesday it would buy Cheez-It and Pringles maker Kellanova in a nearly US$36 billion deal, making it the biggest buyout in the packaged food industry.
Shares of Kellanova rose about 8 per cent to US$80.45 before the bell. On an equity basis, it is valued at US$28.58 billion, according to a Reuters calculation. The deal dwarfs Mars' US$23 billion takeover of Wrigley in 2008 and would bring under one roof popular consumer brands, including Mars' Twix, Bounty and Milky Way chocolates as well as Kellanova's snacks portfolio of Pop-Tarts, Rice Krispies Treats and Eggo frozen waffles.
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