Ferrero Group has announced plans to acquire WK Kellogg Co for about $3 billion. This acquisition will add popular breakfast cereals like Raisin Bran, Froot Loops, and Corn Flakes to Ferrero's portfolio of brands, which include Nutella and Tic Tac. This move aims to enhance Ferrero's presence in the North American market, enabling growth in Kellogg's iconic brands. Both companies express optimism about the deal, indicating it will provide better resources for future expansion and innovation within the competitive food market.
"We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co to write the next chapter of our company's storied legacy."
"Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market."
"Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S.," said Giovanni Ferrero.
"Today's news is a key milestone in that journey, giving us confidence in the opportunities ahead."
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