Washington, D.C. — June 25, 2025
The Federal Trade Commission (FTC) has ended its nearly yearlong investigation into Mars, Incorporated’s proposed acquisition of Kellanova, granting early termination of the review and effectively greenlighting the deal. The FTC found no evidence that the transaction would harm competition in U.S. food markets.
Mars, known for its global portfolio in pet care, snacking, and food products, plans to acquire Kellanova, which owns popular snack, cracker, and frozen breakfast brands. Kellanova spun off its North American cereal business in 2023 under the WK Kellogg Co. name.
FTC staff conducted an intensive review of the proposed deal, examining potential risks to competition across specific product markets and broader portfolio effects. The process involved extensive document analysis, sworn testimony from company executives, and dozens of interviews with industry stakeholders — including both major retailers and independent businesses.
“Commission staff turned over every stone needed to arrive at a robust assessment,” said Daniel Guarnera, Director of the FTC’s Bureau of Competition. “After a thorough review, the evidence pointed in one direction: this transaction does not meet the legal standard for an anticompetitive merger.”
Guarnera emphasized that the FTC’s decision was rooted firmly in U.S. law and market conditions. “Other countries may have different products, competitors, and market structures, but the FTC’s job is to protect American consumers,” he said. “Once we’ve concluded there is no violation of American law that we can prove in court, our job is to get out of the way.”
The statement reflects the agency’s current “America First” approach to antitrust enforcement under the Trump-Vance administration, prioritizing domestic impacts over foreign market dynamics.
With the FTC’s early termination of the review, Mars is now free to proceed with its acquisition, barring any unforeseen regulatory challenges abroad.
The FTC’s decision underscores its commitment to rigorous, evidence-based merger enforcement — even when that means stepping aside after thorough scrutiny.
