Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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Ferrero’s $3.1bn acquisition folds Froot Loops and Frosted Flakes into its candy empire, proving breakfast and dessert are a global business.
Ferrero said the deal would expand its presence in North America and help the company move beyond its candy and snack offerings.
Kellogg’s, famous for making Frosted Flakes and Froot Loops, has struck a deal to be being for $3.1 billion by the Ferrero Group, which owns Nutella and Kinder.
The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.
The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.