Shares of packaged foods company Kellanova (NYSE:K) jumped 5.1% in the afternoon session after reports suggested the European Union is likely to approve its planned $36 billion sale to Mars.

According to traders citing a Capitol Forum report, the European Commission appears to be leaning toward approving the merger without requiring any concessions or remedies. While a final decision has not been made, some commission members have reportedly recommended an unconditional clearance for the deal, which would remove a significant regulatory hurdle for the acquisition. Adding to the positive sentiment, the company also launched a new limited-edition product, Eggo's 'Stranger Things' strawberry waffles, which has generated significant social media buzz and reinforced investor confidence in its marketing and innovation.

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Kellanova’s shares are not very volatile and have had no moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful, although it might not be something that would fundamentally change its perception of the business.

Kellanova is up 1% since the beginning of the year, and at $81.91 per share, it is trading close to its 52-week high of $82.90 from February 2025. Investors who bought $1,000 worth of Kellanova’s shares 5 years ago would now be looking at an investment worth $1,291.

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