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Euronews
Euronews
Eleanor Butler

Italy's Ferrero to buy WK Kellogg in $3.1 billion deal

Kellogg Ferrero WK Kellogg Italy United States European Union Kellanova

Italian confectioner Ferrero said on Thursday that it would buy US cereal maker WK Kellogg for $23 per share, valuing the company at $3.1 billion (€2.6bn). That's a premium of around 31% on Kellogg's closing share price on Wednesday.

The deal could allow Italy’s Ferrero to establish a foothold in the US market and focus on healthier offerings as consumer habits change.

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