Nutella Maker Ferrero Taking Cereal Company Kellogg Private
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Ferrero acquires Kellogg's cereal business for $3.1 billion, combining Nutella with Frosted Flakes in a major food industry consolidation deal.
Your favorite morning breakfast cereals could be getting a makeover. The iconic Italian candy giant is expected to acquire the Kelloggs cereal company in a $3 billion deal as soon as this week.
WK Kellogg shares rose by more than 50% in after-hours trading in New York after the reports. WK Kellogg and Ferrero did not immediately respond to BBC requests for comment. Kellogg has been struggling financially in recent years despite a major shakeup in 2023 that saw it focus solely on breakfast cereals.
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