Ferrero, Kellogg
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This deal continues Ferrero's track record of acquiring and growing well-known brands to strengthen its North American presence.
Michigan's WK Kellogg Co., the cereal giant, is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal, the Wall Street Journal reported Wednesday. A deal with parent Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized as soon as this week, according to reports.
Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion.
Ferrero previously bought Nestlé’s US candy biz for $2.8 billion, as well as chocolate-maker Fannie May and RedHots owner Ferrara.
Ferrero has added more products to its basket with an eye-catching move for US cereal business WK Kellogg. Ferrero has once again used M&A to expand into another part of the store – but will it pay off?