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Mars acquires Kellanova which sells leading snack brands
Mars has acquired Kellanova , a leading manufacturer of snacks , international cereal and noodles , North American plantbased foods and frozen breakfast foods , in a US $ 35.9 billion deal .
The transaction was announced on August 14 . Under the terms of the agreement , Mars will acquire all outstanding equity of Kellanova for US $ 83.50 per share in cash , including assumed net leverage . The transaction price represents a premium of approximately 44 % to Kellanova ’ s unaffected 30-trading day volume weighted average price and a premium of approximately 33 % to Kellanova ’ s unaffected 52-week high as of August 2 . two independent publicly traded companies upon completion in October 2023 .
Kellanova is home to iconic snacking brands including Pringles , Cheez-It , Pop-Tarts , Rice Krispies Treats , NutriGrain and RXBAR . With roots dating back more than 100 years , Kellanova has a rich legacy of quality and innovation . Kellanova had 2023 net sales of more than US $ 13 billion , with a presence in 180 markets and approximately 23,000 employees .
All of Kellanova ’ s brands , assets and operations are included in the transaction . The agreement has been unanimously approved by Kellanova ’ s Board of Directors . The transaction is subject to Kellanova shareholder approval and other customary closing conditions , including regulatory approvals and is anticipated to close in the first half of 2025 .
Kirkland & Ellis has represented Kellogg for almost 25 years , during which time the firm has advised on multiple transformative deals . Most recently , Kirkland advised Kellogg on the separation of Kellanova and its North American cereal business , WK Kellogg , into
Go-ahead for UK ’ s biggest subsea connection project
Ofgem has today confirmed its final approval on the costs associated with delivery of Eastern Green Link 2 ( EGL2 ), enabling construction to start on the 525kV , 2GW subsea connection between Peterhead in the north-east of Scotland and Drax on the east coast of England .
The energy regulator ’ s final decision on the project assessment for the 500km + high voltage direct current ( HVDC ) connection is the key final approval in the regulatory process and allows construction to get underway later this year , with the connection due to be operational in 2029 .
And in a separate development that underlines the progress being made on the project , Aberdeenshire Council has recently granted final planning approval for a new HVDC converter station to be built near Peterhead , with construction to begin at the site near Boddam later this year .
Delivered as a joint venture by National Grid and SSEN Transmission , EGL2 will include the longest HVDC subsea cable in the UK and is the UK ’ s single largest electricity transmission project ever , providing enough electricity to power two million homes .
At a total expected nominal investment of around £ 4.3 billion , it ’ s the single largest-ever investment in electricity transmission infrastructure in Great Britain and one of the most significant , strategic investments in energy infrastructure the country has seen in recent years .
Contracts have now been awarded to deliver the project , including with Prysmian Group to supply around 1,000km of cable and with Hitachi Energy and BAM for the supply of converter stations at either end of the subsea cable .
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