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2024-08-29 23:54
Kellanova (NYSE:K) edged lower by 0.2% after a report discussed Federal Trade Commission Chair Lina Khan's previous comments about a "chocolate oligopoly" amid Mars $36 billion proposed takeover of the snack goods maker.
Bloomberg on Thursday published a piece that discussed how Khan felt there was a lack of candy makers due to a ``chocolate oligopoly," she wrote in 2013 piece for Time Magazine, when she was a junior staffer at New America, a Washington-based think tank.
Khan wrote that of the 40 brands of candy that were sold at her local Safeway, “almost all of them are produced by one of three companies: Hershey, Mars, and Nestlé ...."
“We could start by reviving some of our antitrust laws, which we traditionally used to create a level playing field among companies, regardless of size," Khan wrote at the time.
Investors may now be concerned that the FTC ,under Khan's leadership, may take a hard look at the Kellanova (K) deal, though the overlap between the two companies is largely in the snack bar category.
Kellanova (NYSE:K) CEO Steve Cahillane earlier this month said he didn't believe there will be any antitrust issues with its planned $36 billion sale to Mars. The only real overlap between the snack foods maker and candy company is in the bars business, Cahillane said in an interview on CNBC.
"But if you just take a stroll down the aisle in the supermarket, of the bars, it's an incredibly fragmented space, with lots of choices for consumers, and it's literally the only overlap that we have," Cahillane said.
"Will work with the FTC, and we don't foresee any issues," Cahillane added.