A Tasty Deal

Hey ZipLawyer! Here's all the news you need to know this week plus how they impact Law Firms.

Coming up:

🍎 Mars' Tasty Deal
🎵 Meta strikes music deal
🏘️ A new housebuilding tactic
💔 Google might break up

What you need to know this week

☕ Starbucks Shake-Up: Starbucks surprised everyone by abruptly replacing CEO Laxman Narasimhan with Chipotle's Brian Niccol. Niccol, the fourth CEO in two years, takes over next month amid pressure from former CEO Howard Schultz and activist investor Elliott Management.

🍫 Snack Takeover: Mars is buying Kellanova in a massive $36bn deal, one of the biggest in the snacks industry. Mars, famous for brands like M&M’s and Pedigree, is expanding its empire to include Kellanova’s Pop Tarts and Pringles.

📉 Inflation Eases in the US: U.S. inflation dipped to 2.9% in July, the lowest since March 2021. With core inflation also cooling, a Fed interest rate cut in September seems more likely. Meanwhile, UK inflation edged up to 2.2%, breaking its downward trend.

💼 China's Investment Slump: Foreign investment in China is dropping fast. In the second quarter, China's direct investment liabilities fell by $15bn, only the second time this figure has turned negative. Investment peaked at $344bn in 2021 but has sharply declined since.

💰 Ola's Big IPO: Ola Electric Mobility's IPO, the largest in India in two years, raised $732 million. The electric scooter maker saw its share price soar 20% on the first trading day, reflecting its rapid growth, with sales doubling last year.

💊 AstraZeneca's Milestone: AstraZeneca’s market value surpassed £200 billion, making it the only London-listed company at this level. The pharma giant's value trails Novo Nordisk, Europe's top company, which is now worth $600 billion thanks to its blockbuster diabetes and obesity drugs.

Mars' Tasty Deal

What’s going on?

Mars is set to buy Kellanova for nearly $36 billion, making it the biggest packaged-food deal in almost a decade.

What does this mean?

Mars is biting into a huge deal with Kellanova, the company behind Pringles and Eggo waffles, paying a hefty 33% premium on the stock. This acquisition is a strategic move for Mars to diversify beyond its chocolate-heavy portfolio, especially with cocoa prices soaring. By bringing Kellanova under its wing, Mars can double down on its global snacking ambitions, potentially raising the stakes for competitors in the sector. With Kellanova’s strong performance since its cereal spin-off, Mars isn’t just buying brands – it’s gaining momentum in a tough market. The deal also signals more consolidation in the food industry as companies grapple with declining volumes and tougher consumers. Expect Mars to keep pushing its snacking agenda worldwide.

How does this impact Law Firms? (Plus which law firms advised on this)