The European Union is investigating Mars' $35.9 billion acquisition of Kellanova, citing concerns that it may elevate Mars' bargaining power and lead to higher consumer prices. The acquisition aims to incorporate Pringles and Cheez-It into Mars' product range. Retailers across the 27-nation bloc voiced apprehension regarding the deal's potential to inflate the cost of shopping baskets in light of ongoing inflation. EU competition chief Teresa Ribera emphasized the need for scrutiny to ensure that the acquisition does not adversely affect consumers, while Mars remains hopeful for a favorable outcome.
"By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio," said EU competition chief Teresa Ribera.
"We are disappointed yet remain optimistic that this investigation will be positively resolved," the company said in a statement, adding that it was cooperating with the investigation.
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