Mars, whose brands include M&M’s, Snickers and Skittles, is buying food company Kellanova in a deal worth almost $US30 billion ($A45 billion), giving it access to a huge portfolio of consumer brands from Cheez-It to Pop-Tarts.

Kellanova was created when the Kellogg Co split into three companies in 2023.

Kellanova, based in Chicago, houses many brands including Pringles, Town House, MorningStar Farms and Rice Krispies Treats. 

It had net sales of more than $US13 billion in 2023 and has about 23,000 employees. 

Mars Inc would pay $US83.50 per share in cash, the company said on Wednesday.

The deal is expected to close in the first half of 2025. 

Once it is complete, Kellanova will become part of Mars Snacking. 

It will remain based in Chicago.

“The Kellanova brands significantly expand our snacking platform, allowing us to even more effectively meet consumer needs and drive profitable business growth,” Andrew Clarke, global president of Mars Snacking, said in a statement. 

The deal comes at a time when rising prices are squeezing consumers and putting many companies under pressure to put a cap on prices. 

Economists say many consumers appear to be returning to pre-pandemic norms, when most companies felt they could not raise prices very much without losing business. 

Shares of Kellanova rose almost eight per cent before the opening bell on Wednesday. 

This post was originally published on Michael West.