Candy giant Ferrero reached an agreement to buy cereal maker WK Kellogg for $3.1 billion, the companies said Thursday.
The deal expands Luxembourg-based Ferrero’s footprint in the U.S. and broadens its portfolio beyond Butterfinger, Nerds and other candies.
Kellogg split its cereal and snacks businesses into two companies in 2023, and the following year reached an agreement to sell its snacking arm Kellanova to candy maker Mars for $36 billion.
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