Press release from the Competition Council regarding the economic concentration project concerning the exclusive takeover of the company “Kellanova” by the company “Mars Inc.” through its subsidiary “Acquiror 10VB8 LLC”

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation, as amended and supplemented, the Competition Council makes available to the public the “summary of the operation” below, containing the information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of companies and individuals involved:

• The direct acquirer: “Acquiror 10VB8 LLC”;
• The indirect acquirer: “Mars Inc”;
• The target: “Kellanova”.

Nature of the operation

• Exclusive takeover.

Economic sector concerned:

• Sectors of production and marketing of confectionery, chocolate, and snack bars.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e. December 19, 2024

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council received notification of an economic concentration operation concerning the acquisition of exclusive control by “Mars Incorporated” (Mars) of the company “Kellanova”, through its subsidiary “Acquiror 10VB8 LLC” which will acquire the entire issued share capital of the target.

“Mars” is an international family-owned company that provides confectionery, food products, pet food, and animal care services. “Mars” operates in three segments: (i) snacking; (ii) food & nutrition; and (iii) petcare.

“Acquiror 10VB8 LLC” is an investment vehicle exclusively owned by “Mars”.

“Kellanova” (formerly Kellogg Company) mainly manufactures and markets snacks such as crackers, savory snacks, toaster pastries, granolas, bars, snack bites, as well as ready-to-eat foods including ready-to-eat cereals, frozen waffles, vegetarian foods, and noodles, globally.

 

Done in Rabat on December 5, 2024