Mars Completes Acquisition, Delisting Kellanova Shares

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The public trading chapter for Kellanova has closed following its acquisition by Mars, Incorporated. The company was formally delisted from the New York Stock Exchange on December 11, 2025, and converted into a privately held subsidiary. For shareholders, this move concludes with a single cash payout, leaving only historical market data as a remnant of its listed status.

Key Transaction Details:
* Final Cash Payout: $83.50 per share
* Total Deal Value: Approximately $36 billion
* Delisting Date: December 11, 2025
* Final Trading Price (Dec. 8, 2025): $83.44
* Regulatory Approval: Received unconditional clearance from authorities, including the European Commission.

The all-cash offer from Mars established the definitive valuation for Kellanova equity. In its final days of trading, the share price exhibited unusual stability, closely tracking the agreed acquisition offer rather than typical market volatility. The transaction was finalized after regulatory reviews were completed, leading to the immediate removal of Kellanova from the NYSE.

Leadership Transition and Reporting Changes

Steve Cahillane stepped down from his role as Kellanova’s Chief Executive Officer, effective January 1, 2026, to assume a position at Kraft Heinz. His departure coincided with the completion of the North American cereal business spin-off and the subsequent acquisition by Mars. Consequently, Kellanova will no longer report financial results as an independent public entity. Any future operational or strategic updates related to its former assets will be communicated through Mars’s corporate reporting channels.

Operational Momentum Prior to Deal Closure

Even as the acquisition proceeded, Kellanova demonstrated significant commercial innovation. In an interview published on January 14, 2026—conducted prior to the deal's completion—Nico Amaya, the company's North America President, highlighted that new product launches generated roughly $250 million in revenue during 2025. This figure represented a year-over-year increase of approximately 40%, driven in part by successful items such as Eggo Protein waffles and Protein Pop-Tarts.

With the distribution of the $83.50 per share payment and the December 11 delisting, Kellanova’s tenure as a publicly traded company has formally concluded. All subsequent information regarding the business will fall under the corporate umbrella of Mars.