by InTrieste
Ferrero Group, the Italian confectionery company best known for Nutella and Ferrero Rocher, announced on Friday that it will acquire WK Kellogg Co. in a $3.1 billion deal, marking a significant expansion into the North American breakfast market.
The agreement, under which Ferrero will pay $23 per share, is expected to close later this year, pending regulatory approval. The deal includes the full manufacturing, marketing, and distribution operations of WK Kellogg’s cereal portfolio across the United States, Canada, and the Caribbean.
WK Kellogg, which separated from its parent company Kellogg Company in 2023, is home to household cereal brands such as Frosted Flakes, Froot Loops, Special K, and Rice Krispies.
The acquisition signals a strategic diversification for Ferrero, a family-owned business historically focused on chocolate, confectionery, and snacks. Over the past several years, Ferrero has aggressively expanded its footprint in the United States, acquiring brands including Keebler, Famous Amos, and parts of Nestlé’s U.S. candy business.
“This is more than just an acquisition—it represents the coming together of two companies, each with a proud legacy and generations of loyal consumers,” Giovanni Ferrero, executive chairman of Ferrero Group, said in a statement. He also highlighted the similarities in corporate culture, noting that both firms began as family-run businesses and remain rooted in the towns where they were founded.
Analysts view the move as part of a broader trend among global food companies seeking to diversify their product offerings and gain stronger footholds in key international markets. The U.S. breakfast cereal category remains a multibillion-dollar segment, despite shifting consumer preferences and increased competition from alternative breakfast options.
Ferrero, based in Alba, Italy, is one of the world’s largest sweet packaged food companies, operating in over 170 countries. With the addition of WK Kellogg’s portfolio, the group further strengthens its presence in North America, now one of its most important growth regions.
