Subject: Re: OT Mars buying Kellanova
Maybe the Mars family and Mr. Buffett have been planning the following sequence:
First, Mars buys Kellanova

Then Berkshire buys Mars. This is an easier path than Berkshire buying Mars and then moving to buy Kellanova.

There's increasing uncertainty as to tax rates going forward. The Mars family is getting larger (more members & generations). Now would be a good time for the family to exit.

Buffett has always admired Mars' brands, their respective business moats and more importantly, their respective positive cash flows. This would take, say, $150B to $200B to do, yes?


Maybe?

Uwharrie