Mondelēz CEO says M&A is harder as acquisition targets become ‘too expensive’

Food Dive reported the development on 2026-03-03. The Oreo maker's top executive said high valuations mean "it's not really worth" making deals unless a brand can offer a "unique competitive advantage.".

The report places the news in a wider commercial context. The asking price for acquisition targets is rising as food companies use M&A to address their “desperate” appetite for growth, making it harder for Mondelēz International to complete a deal, the Oreo maker's CEO said. Food companies have been turning to dealmaking in recent years as a way to add higher-growth, trendier brands to the mix to rejuvenate slowing sales.

For the food sector, the practical implications extend beyond the immediate announcement. Dirk Van de Put, Mondelēz's CEO, said during the Consumer Analyst Group of New York Conference conference in February that companies during the past two years have been “so desperate to get growth that what we would consider reasonable pricing to buy a company has gone out the door.”. Few companies have been as active in M&A as Mondelēz since Van de Put took over the.

Attention now turns to how companies, customers and regulators respond. Despite the high valuations, Van de Put said Mondelēz remains on the lookout for potential acquisition targets. The company is prioritizing deals that expand its cakes and pastries business, as well as its premium chocolate category.