US EditionFerrero Nears $3 Billion Deal for WK Kellogg, WSJ Says
UNITED STATES, JUL 9 – Ferrero aims to expand in the U.S. cereal market by acquiring WK Kellogg for about $3 billion amid industry consolidation and weaker cereal demand, shares surged nearly 50%.
- The Wall Street Journal reported that Ferrero is nearing a $3 billion deal to acquire WK Kellogg, the Michigan-based cereal company, potentially closing this week.
- The talks follow Kellogg's 2022 decision to spin off its cereal business, forming WK Kellogg focused on cereals amid changing consumer preferences and rising food prices.
- WK Kellogg's brands include Raisin Bran, Corn Flakes, and Apple Jacks, but shares soared more than 50% after news of Ferrero's potential acquisition emerged.
- Ferrero, Italy's third-largest candy maker known for Nutella and Ferrero Rocher, reported €18.4 billion revenue and aims to expand U.S. presence with new products like peanut Nutella.
- If completed, the acquisition would mark Ferrero's largest U.S. purchase, further consolidating the packaged foods sector during a volatile time for the snack industry.
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The Wall Street Journal reports that the deal could be closed by the weekend.
·Italy
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Shares of Froot Loops cereal maker soar 50% after reports of Ferrero acquisition
By Ramishah Maruf, CNN New Yorks (CNN) — Shares of WK Kellogg, the cereal maker behind Froot Loops and Frosted Flakes, skyrocketed as high as 50% after the Wall Street Journal reported Wednesday that Ferrero was nearing acquiring the company for $3 billion. The Wall Street Journal reported the deal, in which the Nutella and Ferrero Rocher maker would acquire WK Kellogg for $3 billion, could be finalized as early as this week. Ferrero, which bega…
·Idaho Falls, United States
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Total News Sources24
Leaning Left4Leaning Right2Center11Last UpdatedBias Distribution65% Center
Bias Distribution
- 65% of the sources are Center
65% Center
L 24%
C 65%
12%
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