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Mars to Acquire Pringles and Pop-Tarts Maker Kellanova in $36 Billion Deal

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Mars to Acquire Pringles and Pop-Tarts Maker Kellanova in $36 Billion Deal

Mars, the global confectionery giant, has announced a significant acquisition deal to purchase Kellanova, the company behind well-known brands like Pringles and Pop-Tarts, for nearly $36 billion (£28 billion). This acquisition marks the largest snacking buyout of the year, with experts predicting minimal regulatory resistance.

The move comes as consumers increasingly turn to budget-friendly own-brand snacks, a trend identified by market analysts at Mintel. Despite the popularity of junk food, there is a growing shift towards healthier snacking options in the UK.

Mars, known for its iconic brands like M&Ms and Skittles, also offers healthier alternatives such as Nature’s Bakery. Similarly, Kellanova, which was spun off from Kellogg’s in 2023, sells snacks and cereals outside North America, including health-conscious options like Nutrigrain.

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This acquisition surpasses Mars’ $23 billion purchase of Wrigley in 2008 and is expected to strengthen Mars’ position in the global snacking market. The deal will see Kellanova integrated into Mars Snacking, led by Andrew Clarke and based in Chicago. The transaction is anticipated to be finalized in the first half of 2025.

The snacking industry is currently navigating challenges such as rising food and drink prices, which have increased by nearly a third between September 2021 and September 2023, according to the Institute for Fiscal Studies. Additionally, the UK government has implemented regulations to curb the promotion of unhealthy foods, with further restrictions set to take effect in 2025, including a ban on “buy-one-get-one-free” offers for junk food.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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