Ferrero Completes Acquisition of WK Kellogg Co

Ferrero Group, the huge European confectioner that has already acquired a large North American presence, today (Sept. 26) announced the successful completion of its acquisition of WK Kellogg Co. The iconic American cereal company is now a wholly owned subsidiary of Ferrero.

The transaction was first revealed on July 10 and was approved by WK Kellogg Co shareowners on Sept. 19. Ferrero – maker of Nutella and more recently acquirer of Nestle’s U.S. candy business and ice cream maker Wells Enterprises/Blue Bunny – paid $3.1 billion to Kellogg shareholders. Ferrero doesn’t appear to have previously owned a cereal company.

“The acquisition of WK Kellogg Co supports Ferrero’s plan for strategic growth in North America and expands the company’s reach across more consumption occasions with brands beloved by consumers,” said the company. “Ferrero plans to invest in and grow WK Kellogg Co’s iconic portfolio of brands across the United States, Canada and the Caribbean.” There was no word on executives being carried over.

Whether those cereals can be extended to Europe and belong is another question. When legacy Kellogg Co. split in two in 2023, rights to the international cereal business went to Kellanova, which is in the process of being acquired by Mars Inc. We wonder if Mars, which was clearly more interested in Kellanova’s snacks, would be interested in selling the cereal business.

This is not the first deal between Ferrero and Kellogg. In 2019, the Luxembourg-based giant, with sales of about $21.5 billion as of August 2024, bought the American’s cookie business, including Keebler and other brands, for $1.3 billion.