Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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Ferrero, the maker of Nutella, announces a $3.1 billion deal to acquire century-old cereal company WK Kellogg, expanding its North American breakfast and snack portfolio.
Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.
Ferrero, the Italian candy company behind Ferrero Rocher and Nutella, is nearing a deal to buy WK Kellogg, the Wall Street Journal reported Wednesday.
Ferrero will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.
Ferrero said the deal would expand its presence in North America and help the company move beyond its candy and snack offerings.
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.
The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.