Ferrero to Buy WK Kellogg in $3 Billion Bid to Add Corn Flakes to Nutella Empire

Ferrero confirmed it will pay roughly $23 a share in cash—about a 30 percent premium—to scoop up WK Kellogg in a deal valued near $3 billion. The agreement hands Ferrero six North American plants and household staples such as Corn Flakes, Rice Krispies and Froot Loops, setting up one of the biggest food tie-ups of the year.

The Nutella maker is chasing growth beyond chocolate spreads as U.S. cereal demand stagnates; consumption has fallen 17 percent since 2019. Ferrero executives say their product-development muscle—behind recent hits like Nutella Biscuits—can revive Kellogg’s aging lineup while bolstering distribution for Ferrero snacks across grocery aisles. Financial Times

Investors cheered the breakfast mash-up: WK Kellogg shares spiked as much as 50 percent on the news, while Ferrero remains privately held. The takeover still needs shareholder and regulatory approval but is expected to close within months, after which Ferrero will integrate 3,600 employees and target cost synergies in marketing and logistics.