Brussels – According to several international economic newspapers, Ferrero is reportedly one step closer to acquiring cereal company WK Kellogg (Kellogg’s), a takeover that would unite two of the world’s best-known food manufacturers.
Shares of WK Kellogg—the company that makes Corn Flakes and Krave—surged about 55 per cent in extended trading after the Wall Street Journal reported on Wednesday that Ferrero could close the roughly $3 billion deal as early as this week.
The acquisition of WK Kellogg would be the latest effort by Ferrero, a European company headquartered in Alba, to expand its presence in the United States, where it has only recently begun acquiring American brands under the aegis of its chairman, Giovanni Ferrero.
In recent years, the company acquired Wells Enterprises, a US ice cream manufacturer, and closed a $2.8 billion deal to buy Nestle’s chocolate business in the US.
Today, Ferrero has 15 plants and warehouses in the US, Canada, and the Caribbean, employing over 5,100 people.
English version by the Translation Service of Withub
