Shares of cereal maker WK Kellogg ( KLG 30.63%) rose 34% this week as of noon E.T. Thursday, according to data provided by S&P Global Market Intelligence. One week after being added to a slew of Russell Value indexes, it turns out WK Kellogg was indeed a good value investment -- at least in the eyes of Ferrero.

Fererro Group, the Italian candy maker known for Nutella, is buying WK Kellogg for a whopping $3.1 billion. Changes are coming in Michigan for behavioral health services and how they’re provided through Medicaid.

WK Kellogg, the maker of iconic American cereals, will be folded into the owner of Nutella and Tic Tacs in a $3.1 billion deal. What’s “Froot Loops” in Italian?

WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.

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WK Kellogg Co’s headquarters is in Battle Creek. After the transaction closes, Battle Creek will remain a core location for the company and will be Ferrero’s headquarters for North America cereal, a news release from WK Kellogg states.

Ferrero has signed a deal to take WK Kellogg private in an agreement worth $3.1 billion, The Associated Press reported.