Mars, a privately held company known for brands like Snickers and M&Ms, has recently expanded into healthier snacks, acquiring snack-bar maker Kind and Nature's Bakery in 2020. Meanwhile, Kellanova has faced declining sales but reported growth in North America last quarter. The context: The acquisition would be one of the largest food and beverage deals in a while and could be imminent, if talks don't fall apart, according to the sources cited by the WSJ. The deal would also challenge regulators' tolerance to allow consolidation within the industry.