Kellanova is a snack food company that was spun off from WK Kellogg. Its shares went up in premarket trade after a report said that Mars is looking into buying it.
Reuters said that Mars wants to buy the company that makes Pringles. If they do, it will be one of the biggest deals in the history of the packaged food industry.
In premarket trade, Kellanova shares 1.50% went up 6%. This year, the stock is up 13%.
The report said it’s not certain that Kellanova will try to make a deal with Mars; another company could also do so.
When the two companies split off last year, Kellanova got snacking, cereal, noodles, and frozen foods in North America. WK Kellogg KLG 0.29%, on the other hand, focusses on ready-to-eat cereal in the U.S., Canada, and the Caribbean.
