Latest news with #Kellanova
Wall Street Journal
a day ago
- Business
- Wall Street Journal
Mars Misses EU Deadline for Kellanova's $30 Billion Deal Remedies
Candy and snacks maker Mars hasn't submitted remedies to European Union antitrust officials for its nearly $30 billion deal to take over Pringles and Cheez-It seller Kellanova K -1.61%decrease; red down pointing triangle. Privately held Mars hadn't offered any remedies by Wednesday's deadline, according to an update on the website of the European Commission, the EU's executive arm. The EU set a deadline of June 25 to decide on the merger, by which time it should indicate how it plans to proceed.
Yahoo
a day ago
- Business
- Yahoo
Mars has not offered remedies to EU for kellanova deal, EU website shows
BRUSSELS (Reuters) -Candy giant Mars has not offered remedies to EU antitrust regulators reviewing its proposed $36-billion takeover of Pringles maker Kellanova, an update on the European Commission website showed on Thursday. The deadline for Mars to offer remedies was June 18. Reuters reported on Wednesday that Mars was unlikely to offer remedies for now to address the EU competition enforcer's concerns about its high market shares in some products in some European Union countries and its portfolio of strong brands. People close to the matter said the EU antitrust watchdog will launch a full-scale investigation into the deal at the end of its preliminary review which finishes on June 25. Sign in to access your portfolio
Reuters
a day ago
- Business
- Reuters
Mars has not offered remedies to EU for kellanova deal, EU website shows
BRUSSELS, June 19 (Reuters) - Candy giant Mars has not offered remedies to EU antitrust regulators reviewing its proposed $36-billion takeover of Pringles maker Kellanova (K.N), opens new tab, an update on the European Commission website showed on Thursday. The deadline for Mars to offer remedies was June 18. Reuters reported on Wednesday that Mars was unlikely to offer remedies for now to address the EU competition enforcer's concerns about its high market shares in some products in some European Union countries and its portfolio of strong brands. People close to the matter said the EU antitrust watchdog will launch a full-scale investigation into the deal at the end of its preliminary review which finishes on June 25.
Yahoo
2 days ago
- Business
- Yahoo
Exclusive-Mars' $36 billion Kellanova deal faces EU antitrust investigation, sources say
By Foo Yun Chee BRUSSELS (Reuters) -Mars' $36 billion bid for Pringles maker Kellanova is set to face a full-scale EU antitrust investigation, people close to the matter said on Wednesday, a move that could require the candy giant to divest assets to address competition concerns. The European Commission, which acts as the antitrust watchdog in the 27-country bloc, is concerned about Mars' high market share in some products in some European Union countries, the sources said. Family-owned Mars is unlikely to offer remedies to assuage such concerns during the EU competition enforcer's preliminary review of the deal, which ends on June 25, the sources said. The Commission declined to comment. Mars and Kellanova did not respond to repeated emails for comment. Mars announced the deal in August last year that will bring together brands from M&M's and Snickers to Pringles and Pop-Tarts under one roof. There has been a wave of consolidation in the U.S. packaged food sector as companies seek scale to weather the impact of inflation-weary consumers cutting back on spending and shifting to private label brands. European retailers have voiced concerns about the deal, citing the power of large international suppliers of branded packaged goods and the high concentration levels in products such as breakfast cereals, carbonated drinks, confectionery and frozen desserts. They say such high market shares give large suppliers the power to impose restrictions and practices to retailers' detriment.
CNBC
2 days ago
- Business
- CNBC
Mars' $36 billion Kellanova deal faces EU antitrust investigation, sources say: Reuters
Mars' $36 billion bid for Pringles maker Kellanova is set to face a full-scale EU antitrust investigation, people close to the matter said on Wednesday, a move that could require the candy giant to divest assets to address competition concerns. The European Commission, which acts as the antitrust watchdog in the 27-country bloc, is concerned about Mars' high market share in some products in some European Union countries, the sources said. Family-owned Mars is unlikely to offer remedies to assuage such concerns during the EU competition enforcer's preliminary review of the deal, which ends on June 25, the sources said. The Commission declined to comment. Mars and Kellanova did not respond to repeated emails for comment. Mars announced the deal in August last year that will bring together brands from M&M's and Snickers to Pringles and Pop-Tarts under one roof. There has been a wave of consolidation in the U.S. packaged food sector as companies seek scale to weather the impact of inflation-weary consumers cutting back on spending and shifting to private label brands. European retailers have voiced concerns about the deal, citing the power of large international suppliers of branded packaged goods and the high concentration levels in products such as breakfast cereals, carbonated drinks, confectionery and frozen desserts. They say such high market shares give large suppliers the power to impose restrictions and practices to retailers' detriment.
