Sweet and salty deal worth $30 billion would put M&M's and Snickers alongside Cheez-It and Pringles

M&M's maker Mars is buying Kellanova, the maker of Cheez-Its and Pop-Tarts, for nearly $30 billion in an effort to broaden its snacking portfolio and expand globally.

Kellanova was created last year when the Kellogg Co. split into two companies. Chicago-based Kellanova sells many of the former company's most profitable brands, including Pringles, Eggo, Town House, MorningStar Farms and Rice Krispies Treats. It had net sales of more than $13 billion last year and has about 23,000 employees.

Mars Inc. said Wednesday that it will pay $83.50 per share in cash. The company put the total value of th...