Mars looks to buy Pringles powerhouse Kellanova in a major snack-quisition

King-size candy deal… Snickers and M&M’s maker Mars is said to be considering buying Kellanova in a deal that could value the snacks biz at $30B, far above its current $22B market cap. Word of the possible purchase sent shares of Kellanova — which makes kitchen pantry faves like Pringles, Cheez-It, and Pop-Tarts — up 16% yesterday (while the rest of the market saw red). If it happens, the deal would be one of the largest ever in the packaged food game. Privately owned Mars said its revenue hit $50B last year (quadruple Kellanova’s sales).

• Kellawho? Cereal colossus Kellogg split into two last year, with its snacking biz becoming Kellanova and its cereals falling under WK Kellogg.

• Savory play: With cocoa prices hitting record highs this year, Twix and Milky Way maker Mars may see Kellanova as a way to diversify from chocolate.

• On trend: Snack-quisitions are on the rise. Last year Jif-peanut-butter maker J.M. Smucker said it would buy Hostess for $5.6B.

At risk of going stale… Snacking spiked during the pandemic as homebound folks stocked cupboards with nonperishable treats to enjoy on the couch. More recently, inflation-weary shoppers have been cutting back on name-brand treats. Mondelez, which makes Oreos and Ritz crackers, said last week that its second-quarter sales and volumes fell. Kellanova also reported lower Q2 sales, though North America sales ticked up.