Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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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
Kellogg shares rocketed higher after the company announced it was being acquired for $23. Shares of cereal maker WK Kellogg (NYSE: KLG) rose 34% this week as of noon E.T. Thursday, according to data provided by S&P Global Market Intelligence.
Shares of WK Kellogg ( KLG) surged 30% Thursday as the maker of Froot Loops and Frosted Flakes announced it had reached a deal to be acquired by Italian sweets company The Ferrero Group for $23 per share in cash, or about $3.1 billion.
Fererro Group, the Italian candy maker known for Nutella, is buying WK Kellogg for a whopping $3.1 billion. “We want the company to grow. If this is a deal that is going to help the company grow and build, we want that,” said Kara Beer, President and CEO of the Battle Creek Chamber of Commerce.