On 8 December 2025, the European Commission cleared Mars’ $35.9bn acquisition of Kellanova unconditionally following an in-depth Phase II investigation.

The transaction brought together Mars’ portfolio of sweet snacks, chewing gum, packaged food, and pet care with Kellanova’s ready-to-eat cereals and savoury snacks. The Commission’s Phase II investigation focused on potential ‘portfolio effects’: whether the broadening of Mars’ well-known brand portfolio could strengthen its bargaining position with retailers. After extensive evidence gathering, quantitative analysis, and market testing, the Commission concluded that the transaction would not raise competition concerns in the EEA.

Oxera advised Mars throughout all stages of the EU merger review and filings in multiple other jurisdictions. The work was led by Brussels Partner Giulio Federico, supported by a wide team of competition economists and econometricians (including Timo Klein, Max Schlosser, Elisa Greene, Giuseppe Buglione, Oriane Limouzin, Diego Mercogliano, Luka Parisi, Filippo Macciò, Laila AitBihiOuali, Kaat Iterbeke, Minyoung Rho, Daniel Méndez Fernández, Andreas Selvig Ødegård), data scientists (including Dr. Sebastian Wernicke, Vallee Thoondee, David Chen, Aarushi Kapoor, Dr Manu Dal Borgo), and corporate finance experts (including Francis Woolley, Thomas Kokken, Asal Mohebbian).