Mars to Buy Kellanova for $36 Billion in Year’s Biggest Deal (3)

Mars Inc. agreed to buy Kellanova for nearly $36 billion including debt, bringing together two major food companies in the biggest deal of the year.

Mars will pay $83.50 a share in cash for the maker of Pringles chips and Eggo waffles, the companies said in a statement on Wednesday. The price represents a premium of 33% over Kellanova’s closing price on Aug. 2, the last business day before the talks were initially reported.

The packaged-food industry has been grappling with declining volumes, slowing growth and a weakening global consumer. Companies are looking to innovation and new markets to bolster ...