Mars, Incorporated says it has received unconditional approval from the European Commission for its pending acquisition of Kellanova and has obtained all required regulatory approvals and clearances for the pending transaction.

Announced on Aug. 14, 2024, the transaction received Kellanova shareowner approval on Nov. 1, 2024. The pending merger received the final of all 28 required regulatory approvals and clearances on Dec. 8, 2025. 

The European Commission launched an in-depth investigation in June over concerns the transaction could lead to higher prices for consumers due to Mars' increased negotiating power towards retailers. The commission says its investigation “did not support a finding that the proposed transaction would increase Mars' bargaining power.”

“We looked very carefully at this deal to make sure that Mars would not gain extra power over retailers, power that could lead to for example higher prices for shops and, ultimately, for consumers,” says Teresa Ribera, executive vice president for clean, just and competitive transition. “Our review found no evidence that this risk exists, so we have decided to approve the acquisition. We will continue to make full use of our powers under the Merger Regulation to ensure that competition keeps food prices affordable.

Mars and Kellanova anticipate closing the $36 billion transaction on Dec. 11, subject to the satisfaction or waiver of customary closing conditions. Upon close, Kellanova’s portfolio of snacking brands, which includes Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, RXBAR and Kellogg’s international cereal brands, will join the existing Mars Snacking portfolio, which includes the Snickers, M&M’S, Twix, Skittles, Extra and KIND.

Mars expects the combined Snacking business to generate around $36 billion in annual revenues, with a portfolio that includes nine billion-dollar brands. Mars Snacking will continue to be headquartered in Chicago and will operate in more than 145 markets, serving millions of consumers. Powered by a team of more than 50,000 associates, it will operate 80 global production facilities and more than 170 retail outlets such as Hotel Chocolat and M&M’S World.

“We are excited to have received final regulatory approval for the pending acquisition of Kellanova,” says Poul Weihrauch, CEO and office of the President of Mars, Incorporated. “Our focus now turns to welcoming Kellanova employees to Mars and creating an even more innovative global snacking business that delivers greater choice and quality to more consumers around the world.”

Steve Cahillane, Chairman, President and CEO of Kellanova, said, “This combination will bring together two purpose-driven and principles-led companies. Serving as Kellanova’s Chairman, President and CEO has been a true honor, and I’m looking forward to seeing Kellanova people and brands thrive as part of Mars Snacking.”

Following the completion of the pending transaction, which remains subject to customary closing conditions, Kellanova’s common stock will be delisted and will cease trading on the New York Stock Exchange.