Nutella maker Ferrero has agreed to acquire breakfast cereal maker WK Kellogg in a $3.1 billion deal. Both companies announced Thursday that the Italian candy maker would be taking over the company that produces beloved cereals like Frosted Flakes and Froot Loops for $23 in cash per share. “This is more than just an acquisition—it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers,” Executive Chairman of the Ferrero Group Giovanni Ferrero said in a statement. “Today’s news is a key milestone in that journey, giving us confidence in the opportunities ahead,” he added. Gary Pilnick, Chairman and Chief Executive Officer of WK Kellogg Co., said that the acquisition would allow the cereal conglomerate to” write the next chapter of our company’s storied legacy.” “We look forward to collaborating with their team to deliver on the great promise of cereal, explore opportunities beyond cereal, and help us bring our best to consumers every day,” he said. WK Kellogg’s stock jumped by 30 percent in premarket trading following the announcement. WK Kellogg spun off into a standalone company in 2023 as Kellogg sought to focus more on its growing snack business rather than cereal. This is Ferrero’s latest U.S. acquisition, the chocolate manufacturer having struck a $2.8 billion deal with Nestlé back in 2018.
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