Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.
Kellogg’s, famous for making Frosted Flakes and Froot Loops, has struck a deal to be being for $3.1 billion by the Ferrero Group, which owns Nutella and Kinder.
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.
WK Kellogg Co., the maker of Corn Flakes, Froot Loops and other iconic cereals, agreed Thursday to be acquired in a deal valued at $3.1 billion by privately owned Italian maker of Ferrero Rocher and Nutella after struggling to find its footing amid changes in food preferences.
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Nutella prices may soon climb after Turkey — the world’s top hazelnut producer — was hit by a devastating spring frost that wiped out large swathes of crops. As the firm behind the brand faces rising raw material costs,
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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