Since it span off from Ralcorp Holdings three years ago, Post Holdings has followed an aggressive M&A strategy. Deal-making has focused on diversifying its portfolio to gain access to on-trend categories. Given this drive, perhaps yesterday's (26 January) announcement of Post's acquisition of MOM Brands - a move that will deepen its exposure to the struggling US cereal category - could seem a curious tactic. Katy Askew investigates.