Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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Ferrero will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.
The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.
The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.
Shares of Frosted Flakes maker WK Kellogg surged nearly 50% in extended trading Wednesday following a report the company could soon be acquired by Italian sweets seller Ferrero.