Ferrero, Froot Loops
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The Italian food giant Ferrero is expanding its North American portfolio by acquiring WK Kellogg, known for iconic brands like Froot Loops, Rice Krispies and Corn Flakes. Ferrero, known for brands like Nutella and Kinder, announced it will buy WK Kellogg’s for $23 a share, representing a total enterprise value of $3.1 billion.
Ferrero will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.
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Daily Voice on MSNFerrero Group Agrees To Buy WK Kellogg Co For $3.1 BillionA European chocolate giant is purchasing the cereal company behind Froot Loops, Frosted Flakes, and Rice Krispies. Ferrero Group has agreed to buy WK Kellogg Co for $3.1 billion, the candy company announced in a news release on Thursday,
The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.
Michigan's WK Kellogg Co., the cereal giant, is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal, the Wall Street Journal reported Wednesday. A deal with parent Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized as soon as this week, according to reports.
Shares of Frosted Flakes maker WK Kellogg surged nearly 50% in extended trading Wednesday following a report the company could soon be acquired by Italian sweets seller Ferrero.