Italy's Ferrero to buy WK Kellogg in $3.1 billion deal
The deal could allow Italy's Ferrero to establish a foothold in the US market and focus on healthier offerings as consumer habits change.
Kellogg, widely considered the original creator of cornflakes, owns brands like Froot Loops, Rice Krispies, and Krave.
Confectionery companies have been hit by the rise of weight-loss drugs but also pressure from the 'Make America Healthy Again' movement, which is campaigning to reduce artificial dyes in cereals.
Related
Seeking significant growth, Euronext hails EU merger softening
World Chocolate Day: The EU is celebrating with sky-high prices
Ferrero has been expanding in recent years, buying Nestle's confectionery business and a number of other sweet makers.
The Italian firm, which owns Nutella, Thorntons, Kinder, and Tic Tac, was founded in 1946 and is still under family ownership.
Kellogg's performance has been lacklustre in recent years after it split from its parent company, Kellanova, in 2023 — and it now holds more than $500 million (€427mn) of debt.
Kellanova is also creating its own headlines. The firm, which owns brands such as Pop-Tarts and Pringles, was bought by Mars for $36bn, a deal that is now facing an antitrust probe by European regulators.
The deal between Ferrero and WK Kellogg is set to close in the second half of 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
42 minutes ago
- Bloomberg
Italian Rocket Maker Avio Seeks New Space Launches in Virginia
Italian rocket maker Avio SpA is in talks with the US government to conduct space launches from Wallops Island in Virginia, according to people familiar with the matter. The company has discussed the possibility with officials from the State Department, Commerce Department and Federal Aviation Administration, said the people, who asked not to be identified because the talks are private. If approved, the company would likely invest in new manufacturing sites and space ports in the US — a stipulation of the Trump administration, they said.
UPI
an hour ago
- UPI
USDA to reorganize, move staff out of D.C. to areas closer to farmers
1 of 2 | Agriculture Secretary Brooke Rollins attends a roundtable to discuss American agriculture as part of the so-called "Make America Healthy Again" campaign at the U.S. Capitol in Washington, D.C., this past week. The USDA announced on Thursday that it will reorganize and move staff out of Washington, D.C., and into one of five hubs throughout the country. Photo by Bonnie Cash/UPI | License Photo July 24 (UPI) -- The United States Department of Agriculture will reorganize, refocusing its core operations to support American farming, ranching and forestry, moving staff out of Washington and closer to farm land, said Brooke L. Rollins, U.S. secretary of Agriculture. A press release from Rollins said, "Over the last four years, USDA's workforce grew by 8%, and employees' salaries increased by 14.5% -- including hiring thousands of employees with no sustainable way to pay them. This all occurred without any tangible increase in service to USDA's core constituencies across the agricultural sector." The statement goes on to say that the "USDA's footprint in the National Capital Region is underutilized and redundant, plagued by rampant overspending and decades of mismanagement and costly deferred maintenance." The NCR includes Washington, D.C., and surrounding areas in Virginia and Maryland. "American agriculture feeds, clothes, and fuels this nation and the world, and it is long past time the Department better serve the great and patriotic farmers, ranchers, and producers we are mandated to support," Rollins said in a statement. "We will do so through a process that preserves USDA's critical health and public safety services the American public relies on. We will do right by the great American people who we serve and with respect to the thousands of hardworking USDA employees who so nobly serve their country." The reorganization consists of four pillars: Ensure the size of USDA's workforce aligns with available financial resources and agricultural priorities Bring USDA closer to its customers Eliminate management layers and bureaucracy Consolidate redundant support functions The USDA will move staff out of the District of Columbia to five hub locations in the country, which will, according to the department, save money in salaries, the press release said. There are about 4,600 employees in the NCR region, which has a high cost of living. The federal salary locality rate is 34%, whereas the other hubs are lower. USDA's five hub locations and federal locality rates: Raleigh, N.C. (22.24%) Kansas City, Mo. (18.97%) Indianapolis, Ind. (18.15%) Fort Collins, Colo. (30.52%) Salt Lake City, Utah (17.06%) Agriculture Department officials say that, in recent years, more than 15,000 USDA employees have taken voluntary deferred resignation.
Yahoo
2 hours ago
- Yahoo
Michael Jackson Estate Accuses Former Manager Of $213M Extortion Plot
The Michael Jackson Estate has ignited a legal firestorm, filing a petition against longtime Jackson associate Frank Cascio for allegedly orchestrating a $213 million extortion scheme. The case accuses Cascio of violating a confidential agreement by threatening to publicly reveal allegedly damaging and false claims about the King of Pop, years after he had defended his innocence. Michael Jackson Estate Alleges Betrayal By Trusted Insider Once a trusted confidant hailed as part of Jackson's "second family," Frank Cascio is now at the center of a shocking legal battle. On Tuesday, the Michael Jackson Estate and The Michael Jackson Company, LLC submitted a petition to the Los Angeles Superior Court, accusing Cascio of attempting a massive civil extortion. In the court documents obtained by The Blast, the estate alleges that Cascio, along with unnamed accomplices, demanded hundreds of millions of dollars to prevent the release of what they claim are false and defamatory accusations against the late pop icon. "For over 30 years, Mr. Cascio proudly described himself as part of Michael's 'second family,' and repeatedly and publicly denied any misconduct by Mr. Jackson," a spokesperson for the estate told The Blast in a written statement. "Now, years after Michael's passing, Mr. Cascio is attempting to profit by reversing his position and manufacturing claims he previously denounced as false." Michael Jackson Estate Cites Violation Of Confidential Agreement At the heart of the legal dispute is a 2020 Confidential Acquisition and Consulting Agreement, which includes strict confidentiality and non-disparagement clauses, as well as a binding arbitration clause. According to the estate, Cascio's current legal team, led by celebrity attorney Mark Geragos, who once defended Jackson, threatened to go public with the claims unless a massive settlement was reached. "This is a straightforward case of civil extortion and breach of contract," said Martin D. Singer, the estate's attorney. "We will not allow the legacy of Michael Jackson to be exploited through threats and falsehoods." The estate is seeking a court order to force Cascio into arbitration and prevent any public legal filings that could damage Jackson's posthumous reputation. Arbitration proceedings reportedly began in September 2024 and remain ongoing. Frank Cascio Faces Explosive Gambling Allegations The lawsuit against Cascio comes two months after he faced allegations connected to unpaid gambling debts and questionable arrangements with Instagram models. The 45-year-old reportedly contacted models through the platform, Seeking Arrangement, allegedly paying for their company on private outings. Two influencers, Grace Glenn and Julia Geraci, recounted their unsettling experiences, revealing how their encounters with Cascio spiraled into something far darker. "Frank was super chill and generous. Seemed like a really normal person and was polite. He paid for Ubers, dinner, and everything else," Grace told The Blast. She added, "But then we were approached by random men literally outside our hotel. They told us that he owed a lot of money and they would pay us for any information, and they wanted to know where he was. We thought it was a prank at first, but after a few minutes, we realized it was serious." Julia echoed the concern. "It was scary. I matched with him on SA (Seeking Arrangement) and thought he was just a rich guy with a lot of success in the music industry. He didn't have any Instagram or even Facebook when we tried to look him up or anything." She continued, "At first, we thought it was just a catfish account until we called him on FaceTime. I thought maybe he could help us network or at least just have some fun." Instagram Models Claim Cascio Vanished After Debt Collectors Showed Up Grace and Julia, who have a combined following of over three million, say they were blindsided by men seeking repayment of more than $200,000 in alleged gambling debts owed by Cascio. Julia later claimed, "He stopped responding to my texts and blocked me on SA (Seeking Arrangement)." Cascio, whose ties to the Jackson family once granted him rare insider access, has remained silent amid mounting questions. With no active social media presence or public statement, the former manager continues to elude the spotlight. Michael Jackson's Friendship With Frank Cascio Cascio first met Jackson in 1984 and quickly became part of the pop star's trusted inner circle. By the age of 18, he had joined Jackson's team as an assistant and later became his manager. In interviews and his memoir, "My Friend Michael: An Ordinary Friendship with an Extraordinary Man," Cascio frequently reminisced about their deep bond. "We established a real friendship. We became a big family; Michael was a part of our family. Every Christmas, Thanksgiving, birthday—we made a point to celebrate together. It became tradition for all of us," he told HuffPost. Solve the daily Crossword
