Ferrero is purchasing WK Kellogg, a century-old U.S. cereal company, in a deal valued at approximately $3.1 billion. Each Kellogg share will be acquired for $23. The transaction will include managing the production, marketing, and distribution of Kellogg's popular breakfast cereals such as Fruit Loops, Special K, and Frosted Flakes throughout North America. The deal awaits approval from Kellogg shareholders and is anticipated to finalize later this year, after which Kellogg will operate as a subsidiary of Ferrero.
Italian confectioner Ferrero has agreed to acquire the century-old U.S. cereal company WK Kellogg for approximately $3.1 billion, paying $23 for each share.
The acquisition encompasses the manufacturing, marketing, and distribution of Kellogg's prominent breakfast cereals including Fruit Loops, Special K, and Rice Krispies.
WK Kellogg's shares surged 30% in premarket trading signifying positive market reaction to the news of the acquisition.
Ferrero Group has been strategically expanding its U.S. presence through acquisitions, having previously acquired Nestle's U.S. candy brands and Wells Enterprises.
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