Hey, you got fine Italian chocolate in my Frosted Flakes
WK Kellogg, the cereal maker behind breakfast grain like Mini Wheats, Rice Krispies, and Frosted Flakes, announced on Thursday that it’s being acquired by Ferrero for $3.1 billion.
Kellogg shares spiked more than 30% in Thursday morning trading.
Struggling amid competition from store brands and changing consumption habits, WK Kellogg spun off from its parent company, Kellanova, in 2023. Kellanova itself was acquired last year by M&Ms maker Mars for nearly $36 billion.
Ferrero, a privately owned Italian candy maker, is said to have generated $21.5 billion in revenue in its most recent fiscal year.
Struggling amid competition from store brands and changing consumption habits, WK Kellogg spun off from its parent company, Kellanova, in 2023. Kellanova itself was acquired last year by M&Ms maker Mars for nearly $36 billion.
Ferrero, a privately owned Italian candy maker, is said to have generated $21.5 billion in revenue in its most recent fiscal year.
