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Mars, maker of M&M’s and Snickers, strikes nearly $30 billion deal to buy Cheez-It owner Kellanova
M&M’s maker Mars has struck a deal worth nearly $30 billion to buy Kellanova, marking one of the food industry’s biggest deals and expanding the candy maker’s brand portfolio to include salty snacks such as Pringles and Cheez-It.
Kellanova was formed last year when the Kellogg Co. split into three companies. Kellanova sells many of the former company’s most profitable brands, including Eggo, Town House, MorningStar Farms and Rice Krispies Treats. It had net sales of more than $13 billion last year and has approximately 23,000 employees.
The acquisition would expand Mars’ reach into the salty snack category. The company owns brands like Combos and Uncle Ben’s, but it’s primarily known for its chocolates, candies and pet food. Mars makes M&M’s, Lifesavers, Juicy Fruit gum and Skittles as well as Pedigree and Royal Canin pet foods, among other products.
But sales of some of those products, like gum, have sputtered in recent years as snacking habits shift. The deal helps Mars expand into areas of growth.
“There is significant logic behind Mars acquiring Kellanova, not least because the deal would allow Mars to push more heavily into the savory snacks category where it has virtually no presence,” noted Neil Saunders, managing director of GlobalData. “Savory snacks sales are growing at a faster clip than confectionery, where Mars currently predominates.”
It is the biggest deal in the sector since J.M. Smucker bought Hostess for $5.6 billion last year, and among the largest of 2024, coming in second to ExxonMobil’s $60 billion acquisition of Pioneer Natural Resources.
“The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement.
Kellanova stock price
Mars Inc. said Wednesday that it will pay $83.50 per share in cash. The company put the total value of the transaction at $35.9 billion, including debt.
Shares of Kellanova jumped $5.50, or 7.4%, to $80.00 in Wednesday morning trading. Mars, headquartered in McLean, Virginia, is one of the largest privately held companies in the U.S.
Mars’ purchase of Kellanova is expected to close in the first half of next year. Once it’s complete, Kellanova will become part of Mars Snacking. Corporate headquarters will remain in Chicago.
The other company formed in the Kellogg split, WK Kellogg Co., retained cereal brands like Raisin Bran, Frosted Flakes and Froot Loops, which have struggled with slowing sales in recent years. It is not involved in the deal.
Consumer spending
The merger also may help Kellanova at a time when rising prices are squeezing consumers and putting many companies under pressure to put a cap on prices. Economists say that many consumers appear to be returning to pre-pandemic norms, when most companies felt they couldn’t raise prices very much without losing business.
Mars got its start in 1911, when founder Frank Mars started making and selling butter cream candy from his home in Tacoma, Washington. The company moved to Chicago in 1929 and introduced the Snickers bar the following year.
Mars has steadily grown through acquisitions. It entered the pet food business in 1935 with the purchase of a U.K. dog food brand and bought the Dove ice cream brand in 1986. In 2008, it purchased the Wrigley chewing gum business for $23 billion.
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60 Minutes Overtime – CBS News
For more than five decades, 60 Minutes has covered it all—from headline news to quiet human stories—fit neatly in one hour. Now in the digital age, we have more time and use novel approaches to report the news.
Syria was home to one of the first civilizations on earth; today, the country is picking up the pieces from the ruins of humanity’s oldest sin. Half a century of dictatorship between Bashar al-Assad and his father, Hafez. Half a million lives lost in a civil war under the younger Assad’s hand.
Now that he’s gone, Syria is looking toward its future. But before the country can plan what’s to come, its people want the world to be reminded of what has taken place.
In May, Norah O’Donnell sat down with Pope Francis for a historic interview. The head of the Catholic Church for more than a decade, Francis had previously never spoken at length with an English-language American broadcast network, and he spoke to 60 Minutes in his native Spanish.
In a wide-ranging conversation lasting more than an hour, O’Donnell spoke with the pontiff about numerous topics, including the war in Gaza. There is one Catholic church in the Gaza Strip, the Holy Family Church, and the pontiff told O’Donnell he calls there every evening at 7 p.m. and speaks with the priest, Father Youssef Asaad.
Because his more progressive approach has created a division with traditionalists, O’Donnell asked Francis how he saw his legacy.
“Church is the legacy, the Church not only through the pope, but through you, through every Christian, through everyone…” he answered. “We all leave a legacy, and institutions leave a legacy. It’s a beautiful progression. I get on the bandwagon of the Church’s legacy for everybody.”
In February, 60 Minutes correspondent Sharyn Alfonsi reported on the challenges humanitarian aid workers are facing inside Gaza as they try to deliver food, medicine and health care to Palestinians caught in the crossfire between Israel and Hamas.
“I don’t think I’ve been this close to the sound of missile strikes…with a hospital shaking while I’m trying to operate,” Dr. Nareen Ahmed, American doctor and medical director of MedGlobal, told 60 Minutes.
Alfonsi and producer Ashley Velie have been reporting on Gaza since the first Israel-Hamas war in 2006. One stark difference this time is the lack of access: Israel has barred journalists from entering Gaza independently. While they were able to speak with Hamas leadership in 2006, for this story, Alfonsi and Velie had to rely on aid workers who documented their harsh reality.
“This is unusual,” Alfonsi said. “There is a longstanding precedent of allowing journalists into the war zones.”
In his bid for a second term in the White House, President-elect Donald Trump made immigration a defining issue in the 2024 presidential race.
“The Republican platform promises to launch the largest deportation operation in the history of our country,” he said at the Republican National Convention this past July, as his crowd of supporters held signs bearing the phrase “mass deportation now!”
Trump has pledged to expel a large number of migrants since at least 2015, when he was first running for commander in chief. In the last nine years, one thing has frequently come up when Trump mentions removing en masse the migrants who have crossed the border illegally: the name of another former president.
“You look back in the 1950s, you look back at the Eisenhower administration, take a look at what they did, and it worked,” Trump told 60 Minutes correspondent Scott Pelley in 2015.
What the U.S. government did under Dwight D. Eisenhower was a massive military-style sweep. U.S. Border Patrol agents conducted raids to round up Mexican laborers from farms and ranches, then transported them deported deep into Mexico. Historians say the program tore families apart, violated civil rights — and at times, even turned deadly.
Moreover, those who have studied the Eisenhower administration’s approach say this short-term show-of-force did not stop the problem.
For the season premiere of 60 Minutes, correspondent Cecilia Vega and a producing team intended to report on tensions between China and the Philippines in the South China Sea. They did not expect to end up in the middle of an international incident themselves, seeing China’s intimidation tactics first-hand.
The plan was for the 60 Minutes team to accompany the Philippine Coast Guard on a routine mission to resupply its ships and stations aboard the Cape Engaño. While aboard the ship, the team was woken up at 4 a.m. by a loud bang, followed by an alarm. A Chinese ship had rammed the Cape Engaño, the Philippine crew informed them, telling them to put on life jackets and stay put inside their cabins.
Once back on deck, the 60 Minutes crew saw the three-and-a-half-foot hole torn into the Cape Engaño’s hull. As daylight dawned, they also saw how many Chinese ships surrounded the Philippine ship, bows pointed at it. During the standoff, the crew aboard the Cape Engaño was unable to access internet or cell service, and the Filipinos said it was likely because the Chinese were jamming their communications.
“It was scary. I mean, there’s no other way to describe it,” 60 Minutes producer Andy Court said. “And I don’t think anything you put on television will accurately convey what it’s like.”
This fall, 60 Minutes correspondent Jon Wertheim reported on the recent success of the WNBA, the top league of American women’s basketball. Legions of new WNBA fans are filling up arenas and tuning into games. Attendance is up 48% across the league and TV ratings have surged 153% from last season.
One thing has driven this boost in viewership: rookie WNBA player Caitlin Clark. Millions watched Clark’s performance in the NCAA Women’s Basketball Tournament earlier this year and were amazed by what has now become her signature shot: a three-pointer from just inside mid-court, near the home team logo, also known as the “logo 3.”
Now a player on the Indiana Fever, Clark took 60 Minutes to a Fever practice court and showed Wertheim all the different elements that come together for this crowd-dazzling shot.
In New York City, there has been a quarter-century-long effort to reclaim the dead.
On September 11th, 2001, the bodies of nearly 2,800 people were buried at ground zero, reduced to anonymous fragments in a grave made of concrete and steel. Most people know of the visible bravery in lower Manhattan that day, the nobility of the first responders running up the stairs while everyone else was coming down. Less well known was another group of first responders, whose tireless effort to identify the victims has been quietly ongoing since.
Today, new technology is helping the New York City Office of the Chief Medical Examiner keep a promise to do whatever it takes, as long as it takes, to put names to the remains.
Ukraine has a landmine crisis.
Since Russia’s full-scale invasion began two years ago, Ukraine has become one of the most mined countries in the world. These hidden weapons are crippling the country’s agricultural economy and maiming — even killing — its civilians. Since 2022, landmines and explosive remnants of war have contributed to more than 1,000 civilian casualties in Ukraine. The HALO Trust, a nonprofit organization focused on ridding warzones of landmines, estimates the number of mines in Ukraine at the moment to be in the millions.
“We must remember that the conflict is still ongoing and is likely to for the foreseeable future,” said Pete Smith, the Ukraine program manager for the HALO Trust. “So, many of these minefields are not actually in reach of us at this moment in time. But when Ukraine is able to recover its territories, clearly a concerted effort is going to be needed over generations.”
U.S. officials in Vietnam were injured in a Havana Syndrome style attack ahead of Vice President Kamala Harris’s 2021 trip to Hanoi. Now, new evidence suggests Russia may have been involved — and that it may have been the Vietnamese themselves who were given technology that could have caused the injuries.
At the time, the U.S. embassy in Hanoi announced that a possible “anomalous health incident,” the federal government’s term for so-called Havana Syndrome attacks, was slowing Harris’s arrival in Vietnam. 60 Minutes has learned that 11 people reported being struck in separate incidents before Harris entered the country: two people who were officials at the American embassy in Hanoi, and nine people who were part of a Defense Department advance team preparing for Harris’s visit.
“Once you admit that this happened, it is a Pandora[‘s] box,” said Christo Grozev, an investigative journalist who currently leads investigative work for The Insider. “It requires you to confront the fact that you have your arch enemy acting against your own people, your own intelligence workers, on your territory, and this is nothing other than a declaration of war.”
In May, Anderson Cooper reported on a photo album received by the United States Holocaust Memorial Museum that turned out to be the personal scrapbook of a high-ranking SS officer, Karl Höcker. Höcker worked at the notorious Auschwitz concentration camp.
A play that has been nominated for a Pulitzer Prize, “Here There Are Blueberries,” is now telling the story of the historians and archivists who uncovered the identities of the people in the haunting photographs. The play’s title comes from a series of photos in the album— young secretaries who worked under Karl Höcker are seen eating blueberries.
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In the last year, hackers from around the world have teamed up to attack tech companies, hotels, casinos, and hospitals in the United States, taking their data hostage by encrypting it and demanding ransom for the keys to unlock it.
Jon DiMaggio, a former analyst who worked for the National Security Agency, now investigates ransomware as chief security strategist for the cybersecurity firm Analyst1.
DiMaggio said he has spent years developing relationships with ransomware hackers on the dark web and worked his way up to the leadership of the ransomware gang LockBit.
“I realized these guys are touchable…I can pretend to be someone else and go out and actually talk to them and extract information,” he told 60 Minutes.
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12/19: The Daily Report – CBS News
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Analyzing Trump’s historical impact on the Republican Party
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