Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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WK Kellogg, the Battle Creek-based maker of cereals, agreed to the sale as the company has struggled with weakening consumer demand due to inflation.
The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.
WK Kellogg shares rose by more than 50% in after-hours trading in New York after the reports. WK Kellogg and Ferrero did not immediately respond to BBC requests for comment. Kellogg has been struggling financially in recent years despite a major shakeup in 2023 that saw it focus solely on breakfast cereals.
W.K. Kellogg Co. has shown a strong commitment to Battle Creek since its formation,” said Interim City Manager Ted Dearing. “We are hopeful that this commitment will continue under Ferrero’s ownership.
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The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.