The Italian food giant Ferrero is expanding its North American portfolio by acquiring WK Kellogg, known for iconic brands like Froot Loops, Rice Krispies and Corn Flakes. Ferrero, known for brands like Nutella and Kinder, announced it will buy WK Kellogg’s for $23 a share, representing a total enterprise value of $3.1 billion.

Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion.

Ferrero will acquire WK Kellogg Co for $3.1 billion, adding iconic US cereal brands like Frosted Flakes and Special K to its growing North American portfolio.

The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

Ferrero, the parent company of Nutella, is swooping in on WK Kellogg in a deal worth over $3 billion. WK Kellogg is the company behind famous cereals like Froot Loops, Frosted Flakes and Rice Krispies.

The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.

WK Kellogg is the second-largest cereal manufacturer in North America. Its cereal brands include Special K, Frosted Flakes, Raisin Bran, Froot Loops, Frosted Mini-Wheats, Kashi, Corn Flakes, Rice Krispies, Apple Jacks, and Bear Naked. The company was spun ...