Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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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.
The Ferrero Group has agreed to acquire WK Kellogg Co for $23 per share in cash, for a total enterprise value of $3.1 billion, WK Kellogg said in a news release. RELATED: Kellogg’s reportedly set to sell 119-year-old cereal company in $3B deal
The creator of a number of breakfast-table staples is getting a new owner as Ferrero Group and WK Kellogg Co. have announced a deal that will see Kellogg folded into the corporate parent of such brands as Nutella, Tic Tac, Butterfinger, Baby Ruth, Famous Amos, and Bomb Pop.
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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