Italian confectionery giant Ferrero has confirmed its acquisition of breakfast cereals giant WK Kellogg Co for 2.5 billion euros. The Nutella manufacturer is therefore expanding its empire with famous brands like Corn Flakes and Rice Krispies.
New entity
The news was originally reported by The Wall Street Journal, but has been officially confirmed this afternoon. WK Kellogg’s market value was around 1.2 billion euros when the rumours were released, significantly less than the acquisition price, but it has risen by about 50 % since the news broke.
