The news agency said that a potential deal would represent the “biggest ever in the packaged food sector” given the $27bn market value of Kellanova (including its debt).
Any deal would be subject to approval from competition regulators, while Reuters reported that there is no certainty Kellanova would be keen to pursue a sale to Mars.
Operating pet care, snacking and food and nutrition divisions, Mars owns brands including M&Ms, Snickers and Dolmio. Its most recent major acquisition was that of Hotel Chocolat in 2023, a brand with which Mars plans to open a new £10m manufacturing plant in Royston.
Meanwhile, Kellanova owns brands such as Cheez-It, Corn Flakes and Pringles and is headquartered in Chicago, but has a substantial manufacturing presence in the UK.
The firm announced in May 2024 that it would close its Kellogg’s factory in Manchester towards the end of 2026, putting around 360 people at risk of redundancy in the process.
In response to a request for comment, Kellanova spokesperson Kris Bahner said: "By company policy, we don't comment on market speculation."
Food Manufacture has also reached out to Mars.
In other news, Morrisons has opened the ‘UK’s largest fish freezing centre’ after a £12.8m investment.
