(AP) — Ferrero, known for brands like Nutella and Butterfinger, is taking cereal company WK Kellogg private in a deal valued at approximately $3.1 billion.
The Ferrero Group will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, Canada and the Caribbean.
Kellogg’s brands include Fruit Loops, Special K, Frosted Flakes and Rice Krispies.
The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg’s stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.
About The Author
You may also like
-
Police: Therapist at autism center admitted to molesting infant, paying for child porn on Snapchat
-
Trump injects new dose of uncertainty in tariffs as he pushes start date back to Aug. 7
-
Inflation, tariffs drive up back-to-school costs for parents
-
Fired bus aide charged with battery after video shows he hit autistic student
-
Magistrate convicts 39-year-old man in violent domestic battery case