Ferrero to buy cereal maker WK Kellogg for $3.1 billion
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The deal brings candy and cereal together under one roof as European chocolate giant Ferrero expands its US footprint.
Kellogg’s, famous for making Frosted Flakes and Froot Loops, has struck a deal to be being for $3.1 billion by the Ferrero Group, which owns Nutella and Kinder.
Shares of WK Kellogg soared following a report by The Wall Street Journal that Italian candy maker Ferrero is nearing a $3 billion deal to buy the cereal conglomerate. WK Kellogg stock was up 52%, at $26.53, after hours. Shares closed the market down slightly year-to-date.