The famous Italian candy company, Ferrero Group, is planning to buy the breakfast-cereal conglomerate WK Kellogg in a roughly $3 billion deal.
Although no definitive date has been set for when the deal could close, the Wall Street Journal reported that it could happen as soon as this week.
Kelloggs, known for its creation of the Froot Loops, Frosted Flakes, Rice Krispies and a variety of other cereals, has a market value of approximately $1.5 billion and is over $500 million in debt, the journal reports.
It was founded in February 1906 by W.K. Kellogg who initially created the world-famous Kellogg’s Corn Flakes, before crafting other beloved cereals and snacks, the company wrote on its website.
The Ferrero Rocher company, known for its spherical chocolate creations and the chocolate hazelnut spread, Nutella, was created in 1982 in Alba, a small town in the hills of Piedmont in Italy, the candy giant explained on its website. Ever since, Ferrero Rocher has become a treat shared across the world.
Neither Ferrero Group or WK Kelloggs has responded to requests for comment.
If you purchase a product or register for an account through a link on our site, we may receive compensation. By using this site, you consent to our User Agreement and agree that your clicks, interactions, and personal information may be collected, recorded, and/or stored by us and social media and other third-party partners in accordance with our Privacy Policy.
