Nutella Maker Ferrero Taking Cereal Company Kellogg Private
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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.
An Italian candy company is looking to buy the breakfast cereal maker WK Kellogg in a business deal that would cost roughly $3 billion. Ferraro Group, which makes the little hazelnut candies Ferraro Rocher, as well as Nutella products, is in discussions to purchase the maker of such familiar cereals as Rice Krispies, Frosted Flakes and Fruit Loops.
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.
Ferrero acquires Kellogg's cereal business for $3.1 billion, combining Nutella with Frosted Flakes in a major food industry consolidation deal.
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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