A Chapter Closes: Kellanova Exits Public Markets Following Mars Acquisition

A storied chapter in the food industry concludes today as Kellanova, the corporate entity formerly known as Kellogg, is set for removal from the S&P 500 index. This administrative move finalizes the company’s $36 billion acquisition by Mars, Incorporated, the global confectionery and pet care giant, ending its run as a publicly traded stock.

Mars first announced its intention to acquire the snack food business in August 2024. Shareholder approval followed in November 2024, with all necessary regulatory clearances secured by December 8, 2025. Mars confirmed the successful completion of the deal on December 12. Today’s index change is the formal consequence of those finalized approvals.

The shift within the S&P 500 carries immediate weight for index-tracking funds and institutional investors. These entities are now compelled to divest their holdings in Kellanova and purchase shares of Ares Management, the firm joining the benchmark index. This forced rebalancing is likely to generate heightened trading volume and potential price volatility for both securities involved.

From Public Company to Private Division

For Kellanova shareholders, the process is complete. They will receive a cash payment for their shares, and the stock will cease its independent listing on the New York Stock Exchange. Today also marks the payable date for the final dividend, which had a record date of December 1.

Should investors sell immediately? Or is it worth buying Kellogg?

The company’s iconic portfolio, including brands like Pringles, Cheez-It, and Pop-Tarts, will now be managed under Mars’s Snacking Division. This transition follows Kellanova’s earlier strategic separation in 2023, when it spun off its North American cereal business as WK Kellogg Co. That entity, in a parallel corporate evolution, is itself being acquired by Ferrero.

Analyst Perspective and Final Outlook

In the lead-up to the deal’s closure, analyst coverage of Kellanova largely reflected a holding pattern. Consensus ratings typically stood at "Neutral" or "Hold," with a last average price target of $83.50. These assessments acknowledged the stock’s status as a takeover target in a pending transaction.

With its delisting and removal from the premier U.S. equity index, Kellanova’s era as a standalone public company is over. The future of its well-known snack brands rests with Mars, a privately held corporation, closing a significant page in consumer goods history.