The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant’s global reach.
Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Crispies and Special K. Ferrero’s brands include Nutella and Rocher chocolates.
In a statement, the companies said the acquisition is “part of Ferrero’s plan for strategic growth and expands the company’s reach.”
In 2023, Kellogg spun of snack brands like Cheez-Its and Pringles into a separate company called Kellanova. M&M’s maker Mars announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion.
Kellogg shares surged more than 35% to to $22.86 in early trade.
—This is a developing story and will be updated
The Associated Press
contributed to this report.
Mary Cunningham
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
