Kellanova owns Pringles, Cheez-Its and Morningstar Farms.
Mars is in talks to buy Kellanova, which owns Pringles, Cheez-Its and Morningstar Farms, CNBC's David Faber reported Monday.24/7 San Diego news stream: Watch NBC 7 free wherever you are
M&M's owner Mars is in talks to acquire the snacking company, CNBC's David Faber reported, adding rival candy companyin honor of its founder. The remaining business unit, renamed Kellanova, contained Pringles and Cheez-It and its North American frozen food unit, which includes Morningstar Farms.RBC Capital Markets analyst Nik Modi upgraded Kellanova shares to outperform before the markets opened on Monday, citing the potential deal as a catalyst.
After several years of raising prices, organic sales growth for food companies has slowed as consumers pull back their spending, making acquisitions more attractive. Buying Kellanova would also strengthen Mars' snacking options. While the family-owned company has large confectionary and pet businesses, its snacking portfolio has just a few brands, such as Kind.
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