Ferrero to buy WK Kellogg in $3.1 billion deal

The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant’s global reach.

Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Crispies and Special K. Ferrero’s brands include Nutella and Rocher chocolates. 

In a statement, the companies said the acquisition is “part of Ferrero’s plan for strategic growth and expands the company’s reach.”

In 2023, Kellogg spun of snack brands like Cheez-Its and Pringles into a separate company called Kellanova. M&M’s maker Mars announced last year that it planned to buy Kellanova in a deal worth nearly $30 billion.

Kellogg shares surged more than 35% to to $22.86 in early trade. 

—This is a developing story and will be updated

The Associated Press

contributed to this report.