https://images.mktw.net/im-808016
Last Updated:
First Published:
WK Kellogg Co., the maker of Corn Flakes, Froot Loops and other iconic cereals, grabbed investors’ attention late Wednesday after a report that the privately owned Italian maker of Ferrero Rocher and Nutella has set its sights on the company, which has struggled to find its footing amid changes in food preferences.
Citing people familiar with the negotiations, the Wall Street Journal
reported late Wednesday that Ferrero is closing in on a deal to buy WK Kellogg KLG for $3 billion, with details possibly ironed out as soon as this week. WK Kellogg has a market cap of $1.5 billion, and around $570 million in debt.
This post was originally published on Market Watch
