Mars-Kellanova Deal: Commission restarts the clock

The European Commission has “restarted the clock” on its probe into Mars, Inc’s $35.9bn (€30.59bn) merger with snack brand Kellanova. The European Union’s antitrust regulator has set a new deadline of 19 December 2025, for a decision on the deal. The Commission opened an in-depth investigation into the proposed merger back in June, voicing concerns the transaction could lead to higher prices for consumers due to Mars’ increased negotiating power towards retailers in the European Economic Area. “By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio,” said Teresa Ribera, executive vice-president for clean, just and competitive transition at the European Commission, when the investigation was announced. “As inflation-hit food prices remain high across Europe, it is essential to ensure that this acquisition does not further drive up the cost of shopping baskets.” The inquiry requires Mars to provide certain information to reassure regulators that competition within the sector would not be threatened. However, it’s clear this information was not provided, as the Commission moved to “stop the clock” on the deal’s approval process on 28 July . However, a Commission spokesperson today confirmed that, “on 15 September 2025 the suspension of the legal deadline of the Commission’s in-depth investigation into the proposed acquisition of Kellanova by Mars ended, with effect as of 16 September 2025″. The deal had previously sailed through the regulatory approval process in the United States, with the US Federal Trade Commission (FTC) concluding it does not pose a threat to market competition. With the clock now ticking again, all eyes are on Mars to deliver the necessary assurances to EU regulators. The Commission’s final decision will determine whether the merger can proceed in Europe without conditions - or if further concessions will be required to safeguard competition and protect consumers. Until then, the future of one of the year’s biggest food industry deals remains uncertain.