Nutella Maker Ferrero Taking Cereal Company Kellogg Private
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In a joint press release, Ferrero announced it has officially acquired WK Kellogg Co, the branch of Kellogg that makes all of the brand’s cereals, for $23 dollars a share — equal to $3.1 billion in enterprise value.
Ferrero has signed a deal to take WK Kellogg private in an agreement worth $3.1 billion, The Associated Press reported.
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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.