Family-owned snack and confectionery giant Mars (whose brands include M&M's and SNICKERS) recently said it would buy Cheez-It and popular snacker "Pringles potato chips" maker Kellanova (K.US) in a deal that would be as large as $36 billion, making the acquisition the largest acquisition in the packaged snack food industry. The deal will be nearly $36 billion, making it the largest acquisition in the packaged snacks industry.

The companies said many of Kellanova's popular brands will become core parts of Mars Incorporated, with the mega-deal set to close in the first half of 2025.

Kellanova was spun off from WK Kellogg in October last year, with roots in savory snacks and selling cereal products outside North America, while WK Kellogg inherited the parent company's North American cereal business.

The latest annual earnings figures show Kellanova's net sales in 2023 exceeding $13 billion.