Nutella maker Ferrero plans to buy century-old cereal maker WK Kellogg for $3.1 billion

Italian confectioner Ferrero, famed for Nutella, is set to acquire WK Kellogg, the century-old U.S. cereal giant, for $3.1 billion. The deal encompasses iconic brands like Fruit Loops and Rice Krispies across the U.S., Canada, and the Caribbean. This acquisition follows Kellogg’s 2023 split, spinning off snack brands into Kellanova. Ferrero’s expansion continues after previous acquisitions of Nestle’s U.S.