A LUXURY chocolate brand has bought Kellogg’s for a whopping $3.1 billion.
The multi-billion dollar deal will affect big name cereals like Frosted Flakes and Froot Loops.
GettyA luxury chocolate brand has bought Kellogg’s for a whopping $3.1 billion[/caption]On Thursday, Kellogg’s confirmed that it had been acquired by Ferrero International, the Italian company behind Nutella.
Ferrero is the world’s third largest chocolate confectionary company, and has products available in more than 170 countries.
The company is also known for products like Butterfinger, Kinder, Blue Bunny and Ferrero Rocher.
The deal has been approved by Kellogg’s board of directors for $23 per share.
However, the deal still needs to be approved by its shareholders before it can go through.
A press release announcing the deal said: “WK Kellogg Co is a renowned company, in operation for nearly 120 years, and a leader shaping the future of breakfast.
“Ferrero, which also brings over 75 years of heritage, has long admired WK Kellogg Co’s legacy and is proud to be entrusted with carrying these iconic American brands forward.”
WK Kellogg Co. CEO Gary Pilnick added: “We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co to write the next chapter of our company’s storied legacy.
“Since becoming an independent public company in October 2023, we have made excellent progress on our journey to become a more focused and more profitable business — driven by our tremendous people and a winning culture — all while building a strong foundation for future growth.
“Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market.”
The deal will see Ferrero own all of the manufacturing, marketing and distribution of Kellogg products in the US, Canada and the Caribbean.
FUTURE OF KELLOGG
Little detaIl is known about exactly what this will mean going forward for Kellog’s.
But Ferrero has said its intends to “invest in and grow” multiple big Kellogg brands.
This Frosted Flakes, Froot Loops, Frosted Mini Wheats, Special K, Rice Krispies, Raisin Bran, Kashi and Bear Naked.
WK Kellogg Co is a renowned company, in operation for nearly 120 years, and a leader shaping the future of breakfast
Press ReleaseGiovanni Ferrero, Executive Chairman of the Ferrero Group, commented: “”I am thrilled to welcome WK Kellogg Co to the Ferrero Group.
“This is more than just an acquisition – it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers.
“Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S. Today’s news is a key milestone in that journey, giving us confidence in the opportunities ahead.”
The praise for Kellogg’s was mirrored in more members of the Ferrero Group board.
Lapo Civiletti, Chief Executive Officer, added: “WK Kellogg Co, a trusted company with beloved brands, represents a meaningful addition to the Ferrero Group.
“Enhancing our portfolio with these complementary household brands marks an important step towards expanding Ferrero’s presence across more consumption occasions and reinforces our commitment to delivering value to consumers in North America.”
On Thursday, Kellogg’s confirmed that it had been acquired by Ferrero International, the Italian company behind NutellaGetty Read More Details
Finally We wish PressBee provided you with enough information of ( Luxury chocolate brand buys Kellogg’s for $3.1billion – your Frosted Flakes and Froot Loops will be affected )
Also on site :