Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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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.
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 Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.
Nutella maker Ferrero Group is buying cereal giant WK Kellogg Co in a $3.1 billion deal. Shares of WK Kellogg jumped more than 30% in early trading.Ferrero said that it “plans to invest in and ...