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Family-owned Mars is exploring a $27 billion takeover offer of Kellanova (including debt) in what could be the biggest ever packaged food deal, according to a scoop by Reuters.
Shares of Kellanova are up about 20 percent since it split from WK Kellogg last October. The deal would be an example of consolidation in the sector, testing regulators.
There is no certainty that Kellanova will pursue a deal with Snickers-maker Mars, the sources told Reuters. Another suitor could also approach Kellanova, and it's possible that no deal with any party is reached, the sources added, requesting anonymity because the matter is confidential.
Kellanova declined to comment, while spokespeople for Mars did not immediately respond to requests for comment.
