Jars of Nutella are displayed on a shelf at a market iin San Francisco, Calif. Justin Sullivan/Getty Images
Italy-based food corporation Ferrero will buy out breakfast cereal company WK Kellogg Co. to further its expansion in the North American market, according to a July 10 statement from Ferrero.
Ferrero has agreed to acquire WK Kellogg Co. for $23 per share in cash, representing a total enterprise value of $3.1 billion, said the statement. The deal includes the manufacturing, marketing, and distribution of WK Kellogg Co.’s iconic portfolio of breakfast cereals across the United States, Canada, and the Caribbean.
