Breakingviews - Mondelez health kick requires more reps

. The valuation is 3.6 times Clif’s annual revenue, a slight premium on Mondelez’s 3.3 times, according to Refinitiv.dealmaking

and reducing the size of junk food portions. Wholesome food is at lower risk of regulatory blowback and is enjoying faster growth: Euromonitor reckons sales of protein and energy bars are expanding 9% a year. But even with Clif, Mondelez’s snack-bar business will only have sales of just over $1 billion, around 3% of its total revenue. In 2021, biscuits accounted for half of sales, chocolates like Toblerone a third, and gum and candy 10%. Van de Put’s health goals remain a long way off.

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