Mars' acquisition of Pringles' maker triggers EU alarms
AI- Generative Image
The European Union has launched an antitrust investigation into Mars' acquisition of Pringles' maker Kellanova, it announced on Wednesday, citing concerns of market price hikes.
In a preliminary assessment, the European Commission said the multibillion-dollar deal between the two US-based snack makers would increase Mars' bargaining power against EU retailers.
Announced last August, the $35.9 billion (roughly €31 billion) deal was meant to bring two new billion-dollar brands, Pringles and Cheez-It, into Mars' fold.
Why is the EU concerned about the acquisition?
The EU said alarmed retailers across the 27-nation bloc reached out, expressing concerns regarding Mars' increased bargaining power should the deal go through.
"By acquiring Kellanova, Mars will add several very popular brands of potato chips and cereals to its already broad and strong product portfolio," EU competition chief Teresa Ribera said. Aside from Pringles, Kellanova also produces Kellogg's cereals.
Citing inflation and high food prices across the continent, Ribera stressed the importance of ensuring "this acquisition does not further drive up the cost of shopping baskets."
She added that the EU's in-depth investigation will assess the deal's impact on the price of products sold by both companies.
Mars, which also makes popular snacks including M&Ms and Snickers, defended the acquisition, saying it would "deliver more choice and innovation to consumers."
"We are disappointed yet remain optimistic that this investigation will be positively resolved," the company said in a statement, adding that it was cooperating with the investigation.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
18 minutes ago
- The Hindu
CBI arrests nine in nationwide crackdown on cyber fraud involving 8.5 lakh mule accounts
In a major crackdown on cyber-enabled financial crimes, the Central Bureau of Investigation (CBI) has arrested nine individuals following searches linked to the operation of approximately 8.5 lakh mule accounts in over 700 branches of various banks across the country. These accounts were allegedly being used to perpetrate cyber frauds, including the so-called 'digital arrest' scams. The action was undertaken as part of Operation Chakra-V, a multi-pronged initiative launched to tackle rising incidents of cybercrime. Based on specific inputs, the CBI conducted coordinated searches at 42 locations across Rajasthan, Delhi, Haryana, Uttarakhand, and Uttar Pradesh. According to the agency, the mule bank accounts were being operated by organised cybercriminal networks engaging in impersonation, fraudulent advertisements, investment frauds, and UPI-based scams. 'These cyber fraudsters are being helped by the commissions and omissions of certain bank officials, agents, aggregators, bank correspondents, middlemen and e-Mitras who are facilitating in opening of the mule accounts used for receiving and transferring proceeds of cyber frauds as well as enabling withdrawals from such accounts,' the agency said in a statement on Thursday. Also Read | CBI arrests five persons for allegedly selling SIM cards in violation of KYC rules The CBI initially instituted a preliminary enquiry to uncover the broader conspiracy involved in the creation of these mule accounts, the complicity of banking personnel and intermediaries, and to assess the adherence to existing regulatory norms. The investigation revealed that over 8.50 lakh such accounts had been opened across more than 700 bank branches without adherence to prescribed Know Your Customer (KYC) norms, customer due diligence, or initial risk assessment protocols. 'The branch managers of the banks have also failed to conduct Enhanced Due Diligence in respect of certain suspicious transaction alerts generated by the systems. Some of the banks have also failed to send the acknowledgment/ thanking letters to customers to indirectly verify the addresses of the account holders,' the agency noted. The agency further alleged that these actions violated the Reserve Bank of India's Master Circular and internal banking guidelines. 'Accordingly, a First Information Report has been registered for offences of criminal conspiracy, cheating, forgery, use of forged documents as genuine… and also offence of criminal misconduct by bank officials under the Prevention of Corruption Act,' the CBI said. During the searches, the CBI seized incriminating documents, mobile phones, digital evidence, bank account opening forms, transaction records, and KYC documents. The nine individuals arrested include middlemen, agents, account holders, and bank correspondents allegedly involved in facilitating the opening and operation of these mule accounts. Earlier this month, the agency had searched 10 locations across Delhi, Haryana, Uttar Pradesh, and Maharashtra, arresting a person in Mumbai accused of supplying pre-activated SIM cards and mule bank accounts to cybercriminal syndicates. In a related development last month, the agency arrested 11 alleged cybercriminals in two cases. In the first, six individuals were arrested for allegedly defrauding Japanese citizens, following searches at 19 locations in Delhi, Haryana, and Uttar Pradesh. In the second, searches were carried out at 42 locations across Assam, West Bengal, Bihar, Uttar Pradesh, Maharashtra, Telangana, Karnataka, and Tamil Nadu, leading to the arrest of five persons for allegedly selling unauthorised SIM cards being used for various forms of cyber fraud.
Time of India
23 minutes ago
- Time of India
OpenAI CSO Kwon to visit South Korea for AI partnership
ason Kwon, Chief Strategy Officer (CSO) of OpenAI, will visit South Korea on Thursday for the second time in just over two weeks to explore partnerships in the artificial intelligence (AI) sector, industry sources said on Wednesday. His upcoming visit comes just a week after the inauguration of President Lee Jae-myung, who has pledged to make South Korea one of the world's top three AI powerhouses through a 100 trillion-won (US$73 billion) national investment initiative. During his previous visit on May 26, Kwon said OpenAI has established a Korean subsidiary and plans to open its third Asian office -- following Tokyo and Singapore -- in Seoul in the coming months, reports Yonhap news agency. The move is part of OpenAI's broader global expansion. The developer of ChatGPT has launched 11 new offices in major cities in recent years, including Paris, Brussels, Singapore, London, Dublin and Tokyo. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Driver Jobs Available in Brest [Apply Now] Driver Jobs | Search Ads Search Now Undo "OpenAI considers South Korea a key partner due to its high level of engagement with our services and sees strong potential for collaboration with Korean companies," an OpenAI official said. South Korea ranks among the top 10 countries globally in terms of ChatGPT users and developers using OpenAI platforms. In particular, it has the second-largest number of paid ChatGPT subscribers, following the United States. Even before formally entering the Korean market, OpenAI has collaborated with several major Korean companies, including internet giant Kakao Corp., game developer Krafton Inc. and mobile carrier SK Telecom Co., on AI technologies and data center development. Kakao is expected to unveil the results of its joint project with OpenAI later this year. OpenAI last month announced it will begin operations in South Korea as part of its ongoing global expansion of AI infrastructure. Kwon said OpenAI has established a Korean unit and plans to open its first Korean office in Seoul. "Our next international office is going to be here in Seoul," Kwon told reporters, adding the Seoul office will be OpenAI's third Asian branch following those in Tokyo and Singapore. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Print
23 minutes ago
- The Print
Confident in trajectory of India-US ties, says MEA in response to question about Trump-Munir meet
He added: 'We remain confident in the trajectory in this most consequential partnership of the 21st century.' 'As far as India-US relationship is concerned, let me remind you that our partnership with the United States is wide ranging, grounded in shared democratic values and growing strategic convergence. A comprehensive global strategic partnership between India and the United States continues to receive high level attention and is manifested in sustained dialogue and cooperation across sectors of trade to critical technology to energy, defense and several other fields,' Randhir Jaiswal, the spokesperson for the Ministry of External Affairs (MEA) said Thursday at a regular press briefing. New Delhi: India remains 'confident' in its ties with the US, reiterating its belief that it is the 'most consequential partnership of the 21st century,' despite the fact that US President Donald J. Trump hosted Pakistan Army Chief Field Marshal Asim Munir for lunch at the White House last week. The spokesperson had 'no further comments to add' when quizzed for a reaction on the roughly two-hour meeting Trump held with Munir. The conversation between the two reportedly included discussions over Iran, days before the US conducted military strikes at three critical Iranian nuclear sites—Fordow, Natanz and Isfahan. Ties between India and the US have come under strain in light of Trump's repeated claims that he used trade as leverage to bring about cessation of hostilities between India and Pakistan last month. New Delhi has rejected the claims, with Prime Minister Narendra Modi telling Trump last week that there was no mention of trade during conversations between Indian and US officials as Operation Sindoor was ongoing. However, Trump as recently as Wednesday took credit for the bilateral understanding reached between the militaries of India and Pakistan to halt firing on 10 May. The US also updated its travel advisory to India last week, urging its citizens to not travel alone to certain parts of the country. 'Travel advisories are periodically issued by countries based on the assessment of various factors, we have noted that the United States has also updated the travel advisory for India… We have been informed by the US authorities that there has been no change in India's advisory level, which remains at level two, the same as before,' said Jaiswal. Another challenge in ties is the issuance of visas to Indian nationals by the US. On Thursday, the US embassy in New Delhi announced that social media accounts used in the last five years by Indian applicants must be shared during the application process. Jaiswal said that the issuance of visas is a 'sovereign function,' while adding that 'it is our belief that all visa applications of Indian nationals should be treated on the basis of merit, and we remain engaged in the US side on all the mobility issues and consular issues to ensure that the legitimate interest of Indian nationals'. (Edited by Amrtansh Arora) Also Read: India is re-hyphenating itself with Pakistan all over again. It needs a new 3D strategy
