Snickers maker Mars to acquire Kellanova for nearly $30 billion

Family-owned candy giant Mars, whose brands include M&M's and Snickers, is nearing a deal to acquire Kellanova, maker of snacks such as Cheez-It and Pringles, for nearly $30 billion, a person familiar with the matter told Reuters on Tuesday.

Mars will pay $83.50 per share in an all-cash deal for Kellanova that is set to be announced on Wednesday, the source said, requesting anonymity since discussions were confidential.

Kellanova and Mars did not immediately respond to Reuters requests for a comment.

Earlier this month, Reuters was first to report that Mars was exploring a deal for Kellanova.

Dealmaking in the packaged food sector has been robust as companies seek scale to weather the impact of price inflation and weight-loss drugs weighing on demand.

The potential Kellanova deal would be the biggest ever for Mars, dwarfing its $23 billion takeover of Wrigley in 2008.

The Wall Street Journal reported the terms of the deal earlier on Tuesday.