Mondelez International Inc. said it would acquire Clif Bar & Co. for at least $2.9 billion, in a deal that adds the brands Clif Bar, Luna and Clif Kid to Mondelez’s food business.
The global food giant
said Monday that it would continue to operate Clif Bar’s business out of the company’s headquarters in Emeryville, Calif., and would continue to manufacture products out of facilities in Indiana and Idaho.
Mondelez said it expects the deal, which it said could pay out more to the sellers over time, to close in the third quarter.
The snack maker and other food companies have said they would continue to raise prices amid escalating costs. Mondelez CEO Dirk Van de Put said this month that the company’s price increases haven’t curtailed purchases, which he said was surprising. But there would be more price increases to come over the next year, he said.