Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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Italian chocolate giant Ferrero is taking over one of America's oldest breakfast cereal companies, buying the maker of Kellogg's Corn Flakes for $3.1bn (£2.3bn). Ferrero said it planned to invest and expand WK Kellogg's "iconic" brands, which include Froot Loops and Rice Krispies.
The Italian candy maker behind Ferrero Rocher and Nutella is nearing a deal to buy cereal maker WK Kellogg , a source told Reuters, an acquisition that would combine two of the world's best known consumer food makers.
The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion. The acquisition is set to bring the publicly traded maker of Froot Loops,
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The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.