Mars in acquisition talks with Eggo maker Kellanova

M&Ms and Snickers maker Mars Inc., is in talks to acquire Kellanova, known for selling Pringles, Cheez-It, Pop-Tarts and Eggo waffles, reports the Wall Street Journal.

Kellanova is currently valued at $22 billion. If the deal goes through it would be one of the largest food industry transactions this year.

The food industry, including Kellanova, has faced challenges with rising costs due to inflation, leading to price increases and a slowdown in sales growth.

Kellogg previously divided its operations into three separate businesses focusing on snacks, cereal, and plant-based foods, with the latter being part of Kellanova. Mars, a privately owned company based in McLean, Virginia, also has a significant pet food business. It acquired VCA, a veterinary and dog daycare company, for $7.7 billion in 2017.