Kellogg, Nutella and Battle Creek
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Shares of WK Kellogg ( KLG 30.57%) charged sharply higher Thursday, surging as much as 33.7%. As of 10:40 a.m. ET, the stock was still up 33.6%. The catalyst that sent the iconic cereal maker soaring was news that the company would be taken private.
Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.
Ferrero previously bought Nestlé’s US candy biz for $2.8 billion, as well as chocolate-maker Fannie May and RedHots owner Ferrara.
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Tasting Table on MSNCandy Giant Ferrero Is Buying The Kellogg Cereal Empire. Here's What Brands Are Included In The DealCandy giant and chocolate maker, Ferrero, agreed to buy the WK Kellogg cereal empire on July 9 in a deal that equated it and its 19 brands at $3.1 billion.
The Italian food giant Ferrero is expanding its North American portfolio by acquiring WK Kellogg, known for iconic brands like Froot Loops, Rice Krispies and Corn Flakes. Ferrero, known for brands like Nutella and Kinder, announced it will buy WK Kellogg’s for $23 a share, representing a total enterprise value of $3.1 billion.
The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.
Image source: Getty Images. A sweet deal Reports emerged late Wednesday that Kellogg, purveyor of such well-known cereal brands as Frosted Flakes, Fruit Loops, and Mini Wheats, was being courted ...