1Cover 2 cookie sheets with waxed paper. In very large bowl, mix cereal and pretzels.
2In medium microwavable bowl, microwave butter, peanut butter and chocolate chips uncovered on High 45 seconds. Stir; microwave 15 to 45 seconds longer or until mixture can be stirred smooth. Immediately pour over cereal mixture, stirring until evenly coated. Spread mixture evenly on cookie sheets. Refrigerate uncovered about 20 minutes or until set.
3Break into bite-size pieces. Divide mixture evenly into 2 resealable 1-gallon food-storage plastic bags. Add 1/2 cup powdered sugar to each bag. Seal and shake each bag until well coated. Add 1/2 cup candies to each bag. Seal and gently shake each bag to mix. Store in sealed bags in refrigerator up to 4 weeks.