Following Kellogg Co.’s three-way split and Mondelez International Inc.’s $2.9 billion acquisition of Clif Bar & Co., Wall Street expects more food-industry deals as Covid-snacking trends persist and stock values remain low.
Food stocks jumped on Tuesday after the two announcements, which illustrate how Covid-19 strengthened snacking trends, and companies are now looking to benefit from it. Kellogg is splitting into three independent companies, with Chief Executive Officer Steve Cahillane saying the businesses have “significant standalone potential.” Mondelez’s purchase of the organic energy-bar maker expands its roster of snack brands that already includes Oreo, Ritz Crackers and Wheat ...
