Mars’ $36 Billion Deal Faces Khan’s ‘Chocolate Oligopoly’ Views

Years before she became the chair of the US Federal Trade Commission, Lina Khan lamented a lack of competition in candy.

Her views gain new relevance now that she leads the agency that’s expected to take a tough look at whether Mars Inc. should be allowed to buy Cheez-It maker Kellanova for nearly $36 billion, the largest packaged food deal in years.

The tie-up would catapult Mars into the top ranks of the industry behind Unilever Plc, PepsiCo Inc. and Nestle SA. The companies say they have “complimentary” portfolios and the transaction would help Mars expand its snack ...