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Investing.com-- The U.S. Federal Trade Commission ruled on Wednesday that candy giant Mars’ proposed $36 billion takeover bid for packaged food giant Kellanova (NYSE:K) was not anticompetitive, and that the regulator had concluded its review of the deal.
The FTC said the proposed merger “does not meet the standard for an anticompetitive merger” in a press release. The regulator’s decision comes after nearly a year of investigation.
Mars CEO Poul Weihrauch and Kellanova CEO Steve Cahillane both welcomed the FTC decision in a press release.
But the FTC decision came just hours after the European Commission opened an in-depth investigation into the Mars-Kellanova deal, citing concerns that Mars may gain an unfair advantage in packaged food markets and could eventually spur higher prices for consumers.
The deal is now expected to be delayed due to the EU investigation. The commission noted that both parties held a strong market position in several product categories, which could increase the bargaining power and leverage of the combined entity.
“Mars and Kellanova expect the transaction to close towards the end of 2025,” the companies said in a joint statement.
Kellanova– which was spun off from Kellogg in late-2023, was approached with a takeover bid from Mars Inc in August 2024.