Nutella Ferrero Buys Wk Kellogg maker for $ 3 billion star-news.press/wp

Italian sweets company Ferrero bought Cereal Maker Wk Kellogg on Thursday in a deal for $ 3.1 billion, according to release.

Ferrero agrees to purchase Kelogg for $ 23.00 per share, which represents a value of $ 3 billion to manufacture Kelogg, marketing and distribution. Once the deal is completed, Kelleogg shared shares will not be traded on the New York Stock Exchange. The statement said that the deal is expected to pass in the second half of this year.

Ferrero said this acquisition is part of his larger plan to expand “his arrival on more consumption occasions with famous beloved brands and the importance of the strong consumer.”

Ferrero already has famous brands such as Nutella, Keibler, Ferrero Rocher, Butterfinger, Kinder, Tic Tac and others. Through this new deal, it will add to its FROSted Flakes, FROT rings, and the seeded mini -wheat, K, Rice Krispies, Raisin Bran, and Bear Naked, among others, according to the statement.

The company said it plans to “invest and develop the famous brands of WK Kelogg Co” by taking advantage of other “successful acquisitions” in the United States

“This is more than just a acquisition – it represents the collection of two companies, and each has a proud heritage and generations of sincere consumer.”

“We believe this proposed treatment increases our angel’s value and empower WK Kelogg Co to write the next chapter of our company’s legacy,” said Gary Bellnick, CEO of WK Kellogg. “Since I became an independent public company in October 2023, we have made excellent progress on our journey to become more concentrated and more profitable works – driven by our huge individuals and a profitable culture – all during construction of a strong basis for future growth. Joining Ferrero Co Wk Kellogg with larger resources and flexibility to develop our iconic brands in this competitive and dynamic market.”

Once the deal passes, Battle Kreik, Michigan – the current headquarters of Kelog – will be the Ferrero Grain headquarters in North America.