Latest news with #FruitLoops
Time of India
3 days ago
- Business
- Time of India
Nutella maker Ferrero plans to buy century-old cereal maker WK Kellogg for $3.1 billion
Italian confectioner Ferrero , known for brands like Nutella and Kinder, is buying the century-old US cereal company WK Kellogg in a deal valued at approximately $3.1 billion. The Ferrero Group said Thursday it will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.'s portfolio of breakfast cereals across the United States, Canada and the Caribbean. WK Kellogg's shares were up 30% in premarket trading Thursday. Kellogg, which was founded in Battle Creek, Michigan, in 1906, makes Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The current company was formed in 2023, when Kellogg's snack brands like Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M's maker Mars Inc. announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion. Ferrero Group, which was founded in Italy in 1946, has been trying to expand its US footprint. In 2018 it bought Nestle's US candy brands, including Butterfinger, Nerds and SweeTarts. And in 2022 it bought Wells Enterprises, the maker of ice cream brands like Blue Bunny and Halo Top. The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg's stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Ferrero to acquire WK Kellogg for $3.1 billion
Agencies Italian confectioner Ferrero, known for brands like Nutella and Kinder, said Thursday it would acquire the century-old U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion. The Ferrero Group said it will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.'s portfolio of breakfast cereals across the U.S., Canada and the Caribbean. WK Kellogg's shares were up 30% in premarket trading on Thursday on reports of the acquisition that was later which was founded in Battle Creek, Michigan, in 1906, makes Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The current company was formed in 2023, when Kellogg's snack brands like Cheez-Its and Pringles were spun into a separate company called Kellanova. M&M's maker Mars Inc. announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion. Ferrero Group, which was founded in Italy in 1946, has been trying to expand its U.S. footprint. In 2018, it bought Nestle's U.S. candy brands, including Butterfinger, Nerds and SweeTarts.
Yahoo
3 days ago
- Business
- Yahoo
Why Kellogg Stock Skyrocketed as Much as 33% on Thursday
Reports emerged late Wednesday that a potential deal was in the works. Kellogg announced Thursday morning that it would be acquired by Italian company Ferrero. 10 stocks we like better than WK Kellogg › Shares of WK Kellogg (NYSE: KLG) 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. Reports emerged late Wednesday that Kellogg, purveyor of such well-known cereal brands as Frosted Flakes, Fruit Loops, and Mini Wheats, was being courted by Italian confectionery maker Ferrero, which is best known for its Nutella, Ferrero Roche, Kinder, and Keebler brands, according to an exclusive report in The Wall Street Journal. In a press release that dropped before the market opened on Thursday, Kellogg announced that it had entered into a definitive agreement to be acquired by Ferrero. Kellogg shareholders will receive $23 per share in an all-cash deal, and roughly 40% higher than recent share prices. The deal values the cereal maker at roughly $3.1 billion in total enterprise value. Ferrero noted the acquisition was the next step in its growth strategy of expanding its reach into "renowned, beloved brands with strong consumer relevance." Under the terms of the agreement, which has been unanimously approved by its board of directors, Kellogg will become a wholly owned subsidiary of Ferrero. The deal is also being supported by the W.K. Kellogg Foundation Trust and the Gund Family, which own roughly 21.7% of outstanding shares and have committed to vote in favor of the transaction. The agreement is subject to approval by regulators and Kellogg shareholders, and is expected to close in the second half of 2025. The company has undergone a transformation in recent years. In late 2023, Kellogg's North American cereal business was spun off from the predecessor company, which was rebranded Kellanova and retained the company's snack food brands, including Pringles and Cheez-It, and its frozen food brand Morningstar Farms. Before you buy stock in WK Kellogg, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and WK Kellogg wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $694,758!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $998,376!* Now, it's worth noting Stock Advisor's total average return is 1,058% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of July 7, 2025 Danny Vena has no position in any of the stocks mentioned. The Motley Fool recommends WK Kellogg. The Motley Fool has a disclosure policy. Why Kellogg Stock Skyrocketed as Much as 33% on Thursday was originally published by The Motley Fool
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Business Standard
4 days ago
- Business
- Business Standard
Nutella maker Ferrero to acquire WK Kellogg private in $3.1 bn deal
The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year AP Washington Ferrero, known for brands like Nutella and Butterfinger, is taking cereal company WK Kellogg private in a deal valued at approximately $3.1 billion. The Ferrero Group will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co's portfolio of breakfast cereals across the United States, Canada and the Caribbean. Kellogg's brands include Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg's stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.
Rhyl Journal
4 days ago
- Business
- Rhyl Journal
Nutella maker Ferrero taking cereal company WK Kellogg private
The Ferrero Group said it will pay 23 dollars (£16.95) for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Company's portfolio of breakfast cereals across the United States, Canada and the Caribbean. WK Kellogg's shares were up 30% in pre-market trading on Thursday. Kellogg, which was founded in Battle Creek, Michigan, in 1906, makes Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The current company was formed in 2023, when Kellogg's snack brands such as Cheez-Its and Pringles were spun 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 dollars (£22 billion). Ferrero Group, which was founded in Italy in 1946, has been trying to expand its US footprint. In 2018 it bought Nestle's US sweets brands, including Butterfinger, Nerds and SweeTarts. And in 2022 it bought Wells Enterprises, the maker of ice cream brands such as Blue Bunny and Halo Top. The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg's stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.
