Ferrero, Froot Loops
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Ferrero will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.
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.
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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.
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.