Mars' acquisition of Pringles' maker triggers EU alarms
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The European Union has launched an antitrust investigation into Mars' acquisition of Pringles' maker Kellanova, it announced on Wednesday, citing concerns of market price hikes.
In a preliminary assessment, the European Commission said the multibillion-dollar deal between the two US-based snack makers would increase Mars' bargaining power against EU retailers.
Announced last August, the $35.9 billion (roughly €31 billion) deal was meant to bring two new billion-dollar brands, Pringles and Cheez-It, into Mars' fold.
Why is the EU concerned about the acquisition?
The EU said alarmed retailers across the 27-nation bloc reached out, expressing concerns regarding Mars' increased bargaining power should the deal go through.
"By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio," EU competition chief Teresa Ribera said. Aside from Pringles, Kellanova also produces Kellogg's cereals.
Citing inflation and high food prices across the continent, Ribera stressed the importance of ensuring "this acquisition does not further drive up the cost of shopping baskets."
She added that the EU's in-depth investigation will assess the deal's impact on the price of products sold by both companies.
Mars, which also makes popular snacks including M&Ms and Snickers, defended the acquisition, saying it would "deliver more choice and innovation to consumers."
"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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