Unconditional Phase II EC Clearance for Mars in $36 Billion Acquisition of Kellanova

Cleary Gottlieb acted as a supporting advisor to Mars Incorporated, alongside Skadden Arps Slate Meagher & Flom, in securing unconditional clearance in the European Commission’s Phase 2 review of the company’s proposed $36 billion acquisition of Kellanova.

The transaction was announced on August 14, 2024, received European Commission approval on December 8, 2025, and closed on December 11, 2025. At the time the proposed merger was announced, it was one of the largest deals of 2024.

For more information, please see the press release.

The Cleary antitrust team includes partners Nick Levy, Christopher Cook, and Romi Lepetska, and associates Anders Jay and Kate Blocksidge.