Business

Mondelez buys Clif Bar for $2.9 billion

Mondelez International Inc. announced it will acquire Clif Bar & Co. for at least $2.9 billion in a deal that will add the Clif Bar, Luna and Clif Kid brands to Mondelez’s grocery business.

Global food giant MDLZ,
+0.32%
said Monday that it will continue to operate Clif Bar’s business from the company’s headquarters in Emeryville, Calif., and continue to manufacture products from facilities in Indiana and Idaho.

Mondelez said it expects the deal, which could pay out more to sellers over time, to close in the third quarter.

The snack maker and other food companies have said they will continue raising prices amid escalating costs. Mondelez CEO Dirk Van de Put said this month that the company’s price hikes hadn’t curbed purchases, which he said was surprising. But there will be more price increases next year, he said.

An expanded version of this story is available at WSJ.com

https://www.marketwatch.com/story/mondelez-buying-clif-bar-for-2-9-billion-11655805531?rss=1&siteid=rss Mondelez buys Clif Bar for $2.9 billion

Brian Lowry

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