05:39 AM EDT, 08/14/2024 (MT Newswires) -- Kellanova ( K ) is close to securing a deal to be acquired by Mars for about $30 billion, media outlets reported Wednesday.

Mars is expected to pay $83.50 per share in cash for Kellanova ( K ), The Wall Street Journal reported, citing unnamed people familiar with the matter. The deal could be announced this Wednesday, according to a Reuters source.

The acquisition would give Mars a bigger share of the snacking industry, The Journal said.

Kellanova ( K ) and Mars did not immediately respond to MT Newswires' requests for comment.

Shares of Kellanova ( K ) rose more than 5% in recent pre-bell activity Wednesday.

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