Snap, crackle and pay: Ferrero to buy WK Kellogg for $3.1 bn / Photo: © GETTY IMAGES NORTH AMERICA/AFP/File
CMSC
0.0900
The China Mail - Snap, crackle and pay: Ferrero to buy WK Kellogg for $3.1 bn
USD
-
AED 3.673001
AFN 68.504962
ALL 83.387145
AMD 383.74003
ANG 1.789623
AOA 916.999859
ARS 1255.429303
AUD 1.518603
AWG 1.8025
AZN 1.70148
BAM 1.668636
BBD 2.020399
BDT 121.679557
BGN 1.67292
BHD 0.376992
BIF 2981.413623
BMD 1
BND 1.279674
BOB 6.939711
BRL 5.531902
BSD 1.000601
BTN 85.690153
BWP 13.33339
BYN 3.274649
BYR 19600
BZD 2.009991
CAD 1.36665
CDF 2886.000164
CHF 0.797204
CLF 0.024758
CLP 950.05974
CNY 7.175298
CNH 7.17844
COP 4016
CRC 504.651927
CUC 1
CUP 26.5
CVE 94.749719
CZK 21.056902
DJF 177.719856
DKK 6.376974
DOP 60.200677
DZD 130.01796
EGP 49.503101
ERN 15
ETB 136.09942
EUR 0.854704
FJD 2.23975
FKP 0.736163
GBP 0.73665
GEL 2.710006
GGP 0.736163
GHS 10.397321
GIP 0.736163
GMD 71.503947
GNF 8656.000273
GTQ 7.68709
GYD 209.351631
HKD 7.849402
HNL 26.349808
HRK 6.441599
HTG 131.286287
HUF 340.996013
IDR 16214
ILS 3.317102
IMP 0.736163
INR 85.72175
IQD 1310
IRR 42125.000037
ISK 122.049847
JEP 0.736163
JMD 159.910246
JOD 0.708999
JPY 146.239014
KES 129.497429
KGS 87.450185
KHR 4020.999529
KMF 420.999451
KPW 899.989949
KRW 1371.729766
KWD 0.30571
KYD 0.833891
KZT 519.10468
LAK 21539.999832
LBP 89600.000511
LKR 300.589969
LRD 200.496166
LSL 17.789943
LTL 2.95274
LVL 0.60489
LYD 5.397632
MAD 9.000169
MDL 16.930368
MGA 4429.999893
MKD 52.60211
MMK 2099.551903
MNT 3586.805132
MOP 8.090897
MRU 39.729719
MUR 45.210067
MVR 15.397402
MWK 1736.503276
MXN 18.618401
MYR 4.247499
MZN 63.959752
NAD 17.789903
NGN 1530.889707
NIO 36.749709
NOK 10.0804
NPR 137.104074
NZD 1.657623
OMR 0.384498
PAB 1.000601
PEN 3.544501
PGK 4.137968
PHP 56.509988
PKR 284.502706
PLN 3.63485
PYG 7755.344063
QAR 3.640597
RON 4.338795
RSD 100.123978
RUB 74.039658
RWF 1434
SAR 3.750395
SBD 8.336924
SCR 14.350255
SDG 600.499865
SEK 9.506501
SGD 1.27982
SHP 0.785843
SLE 22.504511
SLL 20969.503664
SOS 571.49837
SRD 37.367991
STD 20697.981008
SVC 8.755263
SYP 13001.930426
SZL 17.790163
THB 32.609748
TJS 9.681127
TMT 3.51
TND 2.90503
TOP 2.342099
TRY 40.126402
TTD 6.794671
TWD 29.243903
TZS 2630.000304
UAH 41.880479
UGX 3585.88681
UYU 40.653701
UZS 12674.999971
VES 113.606305
VND 26114.5
VUV 119.443863
WST 2.750992
XAF 559.644909
XAG 0.027024
XAU 0.000301
XCD 2.70255
XDR 0.695413
XOF 558.487821
XPF 101.750297
YER 241.850047
ZAR 17.74416
ZMK 9001.20203
ZMW 23.44008
ZWL 321.999592
- Moulin Rouge windmill twirls again 14 months after accident
- Argentine ex-president Fernandez ordered to stand trial for graft
- Global stocks mostly rise, shrugging off US tariff threats
- Solar becomes Europe's main energy source in June: consultants
- Last-gasp Xhemaili fires Swiss into Euro 2025 quarters
- NBA champion Thunder agree contract extension with Jalen Williams
- Gaza civil defence says Israeli strike kills children at clinic
- Swiatek surprised by surge to Wimbledon final
- Israel PM sets out red lines for lasting end to war in Gaza
- Lyles back, ready to 'run fast', as Tebogo lurks
Snap, crackle and pay: Ferrero to buy WK Kellogg for $3.1 bn
The Ferrero Group will acquire US cereal mainstay WK Kellogg for $3.1 billion as the Italian food giant expands further in North America, the companies announced Thursday.
Ferrero, whose products include Nutella chocolate spread and Ferrero Rocher chocolate treats, will pay $23 per share in cash for WK Kellogg, which is known for Rice Krispies and Kellogg's Frosted Flakes, among other offerings.
The transaction is expected to close in the second half of 2025, said a joint press release. On completion of the transaction, WK Kellogg will be a wholly owned subsidiary of Ferrero.
The pricing of Kellogg represents a 31 percent premium to the company's closing price on Wednesday.
Ferrero Chief Executive Giovanni Ferrero described the merger as "the coming together of two companies" with "generations of loyal consumers."
"Over recent years, Ferrero has expanded its presence in North America," said Giovanni Ferrero. "Today's news is a key milestone in that journey, giving us confidence in the opportunities ahead."
Ferrero, whose origins stem from its founding in Alba, Italy in 1946, has struck a number of deals in recent years to expand in North America, including the 2018 purchase of Nestle's US confectionary business for $2.8 billion in cash.
Prior to the Kellogg deal, Ferrero had more than 14,000 employes across 22 plants and 11 offices in North America, according to the press release. Its US brands include Keebler, Famous Amos and Tic Tac.
WK Kellogg is the cereal arm of Michigan-based Kellogg, which split itself up a couple of years ago, with its Kellanova snack brand being sold to Mars in August 2024 for around $36 billion.
"We believe this proposed transaction maximizes value for our share owners and enables WK Kellogg Co to write the next chapter of our company's storied legacy," said Gary Pilnick, chief executive of WK Kellogg.
"Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market."
Kellogg dates its origins to 1894 when founder WK Kellogg invented the Corn Flakes cereal, the first of a series of offerings that later expanded to Raisin Bran and Froot Loops.
Shares of WK Kellogg surged 30.9 percent in mid-morning trading.
A.Sun--ThChM
