The $7.6 billion W.K. Kellogg Foundation Trust stands to make about $4.3 billion from a deal announced Aug. 14 between two of the leading snack producers.
Mars, the maker of products like M&M'S, SNICKERS and Skittles, will acquire Kellanova, the maker of products such as Pringles, Cheez-It and Pop-Tarts, in a $36 billion deal that’s expected to close within the first half of 2025, according to a news release.
The Battle Creek, Mich.-based Kellogg Foundation Trust is the largest shareholder in Kellanova, owning 51.2 million shares, or 15%, according to a June 30 SEC filing. The announced share price for the Kellanova acquisition was $83.50.
The Kellogg Foundation did not immediately respond to a request for comment, but it has entered into an agreement to vote its shares in favor of the transaction, according to the news release.
The foundation’s asset allocation as of Aug. 31, 2023, was 50% equity, 22% hedge funds, 17% private equity, 7% commingled funds, 3% real estate and the rest fixed income, according to its most recent IRS filing.
