Pringles owner Kellanova surged on reports of Mars takeover talks

Pringles owner Kellanova (NYSE:K), the snacks holding company ‘spun-out’ of Kelloggs last year, was among very few bright sparks on Wall Street on Monday, with the stock up on reports that Mars is in ‘advanced talks’ to buy the company in a “megamerger”.

A deal could see Kellanova - which also owns the Pop Tarts, Cheez-It, and Eggo brands among others – valued at nearly $30 billion, that’s according to a Reuters report over the weekend.

It would be one of the largest ever deals in the packaged food sector.

Nonetheless, the Reuters report pointed out that Kellanova shares are valued at a discount compared to snack peers Hershey and Cadbury-owner Mondelez.

Reuters added that there was no certainty that a deal would advance, and noted that another suitor may yet also approach Kellanova.

In New York, Kellanova shares gained $9.00 or 14.3% to trade at $71.96.