According to Reuters, citing unnamed sources, the family-owned packaged food company Mars is looking into acquiring Kellanova K.N, the creator of snacks like Pringles.

Analysts say the transaction would be one of the largest in the packaged food sector’s history, with Kellanova’s market value of over USD27bn including debt, and would test regulators’ willingness to allow sector consolidation.

“There is no certainty that Kellanova will pursue a deal with Mars, the sources said. Another suitor could also approach Kellanova, and no deal with any party may be reached, the sources added, requesting anonymity because the matter is confidential. Kellanova declined to comment, while spokespeople for Mars did not immediately respond to requests for comment,” the Reuters analysts revealed.

In May, Reuters reported that investment firm TOMS Capital Investment Management had acquired a stake in Kellanova and was negotiating with the company on how to boost shareholder returns. The specifics of the conversations between TOMS and Kellanova could not be revealed.