Overview

• The EU competition authority has elevated its review to a Phase II probe and will decide on the deal’s fate by the end of October.
• The US Federal Trade Commission approved the $35.9 billion acquisition last week, creating a regulatory divergence between Washington and Brussels.
• Combined, Mars and Kellanova would control top brands such as Pringles, Snickers, Cheez-It and M&M’s across snacks, cereals and confectionery.
• Regulators fear that Mars’s increased bargaining power over retailers could translate into higher consumer prices in European supermarkets.
• Mars has committed to full cooperation with the EU inquiry and remains confident the transaction will close by the end of 2025.