The deal, worth roughly $3 billion, will expand Ferrero’s footprint in the North American market.
“We believe this proposed transaction maximizes value for our shareowners and enables WK Kellogg Co. to write the next chapter of our company’s storied legacy,” said Gary Pilnick, chairman and CEO of WK Kellogg Co., in a statement. “Joining Ferrero will provide WK Kellogg Co. with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market.”
“Over recent years, Ferrero has expanded its presence in North America, bringing together our well-known brands from around the world with local jewels rooted in the U.S.,” said Giovanni Ferrero, executive chairman of the Ferrero Group. “Today’s news is a key milestone in that journey, giving us confidence in the opportunities ahead.”
