Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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General Mills and Hormel teamed up to release Cinnamon Toast Crunch-flavored bacon last fall, a sweet-and-savory first for the Minnesota companies. Now the brand-boosting fun has mutated into another bacon-y creation. The newest mashup between the food giants flips the formula, imbuing smoky bacon flavors into bags of Cinnamon Toast Crunch.
The Ferrero Group has agreed to acquire WK Kellogg Co for $23 per share in cash, for a total enterprise value of $3.1 billion, WK Kellogg said in a news release. RELATED: Kellogg’s reportedly set to sell 119-year-old cereal company in $3B deal
An Italian candy company is looking to buy the breakfast cereal maker WK Kellogg in a business deal that would cost roughly $3 billion. Ferraro Group, which makes the little hazelnut candies Ferraro Rocher, as well as Nutella products, is in discussions to purchase the maker of such familiar cereals as Rice Krispies, Frosted Flakes and Fruit Loops.