Ferrero, WK Kellogg
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Stocktwits on MSNWK Kellogg Stock Jumps After Ferrero Strikes $3.1B Deal To Acquire The Cereal MakerWK Kellogg (KLG) said on Thursday that the Italian company Ferrero Group will buy the breakfast cereal maker in a $3.1 billion deal, expanding the confectionery firm’s U.S. footprint. The maker of Ferrero Rocher has agreed to acquire WK Kellogg for $23 per share in cash,
WK Kellogg, the Battle Creek-based maker of cereals, agreed to the sale as the company has struggled with weakening consumer demand due to inflation.
WK Kellogg, founded by Will Keith Kellogg in the early 20th century, pioneered the contemporary breakfast period with the discovery of Corn Flakes in 1894. The company now owns household cereal brands like Froot Loops,