Confectionery giant Mars has reached a deal to snap up Pringles maker Kellanova for more than $29bn (£22bn).

It was first reported that Mars was eyeing Kellanova, whose portfolio also includes, Pop-Tarts, Rice Krispie Treats and Special K, earlier this month.

The deal will be 2024’s biggest global deal and would be the largest ever acquisition for Mars, including its $23bn agreement Wrigley in 2008. It follows the FMCG giant purchasing upmarket chocolate retailer Hotel Chocolat last November, in a £534m deal.

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Last week, news of the potential acquisition sent Kellanova’s shares soaring 18%. TD Cowen analyst Robert Moskow at the time told Reuters: “We believe that K’s portfolio of popular snack brands will fit well with Mars’ and help them expand scale in international markets.”

“At times like this when growth slows, balance sheets are relatively clean, and valuations dip, the market leaders in food tend to look more closely at big combinations to drive cost synergies.”

He added that a bid for Kellanova “could usher in another cycle of consolidation in the packaged foods space”.