The rumor that Ferrero was interested in WK Kellogg (see EFA News ) has been confirmed. A joint statement from Luxembourg and Battle Creek, Michigan, announced that the Ferrero Group and WK Kellogg Co. have today entered into "a definitive agreement under which Ferrero has agreed to acquire WK Kellogg Co. for $23 per share in cash, representing a total enterprise value of $3.1 billion."

Upon completion of the transaction, W.K. Kellogg Co.'s common stock will no longer be listed on the New York Stock Exchange, and the company will become a wholly-owned subsidiary of Ferrero. The agreement was unanimously approved by W.K. Kellogg Co.'s board of directors. The transaction, the statement states, "is subject to W.K. Kellogg Co. shareholder approval, regulatory approvals, and other customary closing conditions and is currently expected to close in the second half of 2025." Following the closing of the transaction, Battle Creek, Michigan, will remain the company's headquarters and will serve as Ferrero's North American cereal headquarters.

According to the statement, the acquisition, which includes the manufacturing, marketing and distribution of W.K. Kellogg Co.'s iconic breakfast cereal portfolio in the United States, Canada and the Caribbean, "is part of Ferrero's strategic growth plan and expands the company's reach across more consumption occasions, thanks to well-known and beloved brands and strong consumer relevance."

This transaction, the statement continues, "represents another chapter in Ferrero's proven strategy of acquiring, investing in, and growing iconic brands, while continuing to enhance its overall footprint and product offering in North America." As a result of this strong growth, Ferrero and its affiliates currently employ more than 14,000 people in 22 plants and 11 offices in North America. The North American portfolio includes Nutella, Kinder, Tic Tac, and Ferrero Rocher, as well as iconic American brands such as Butterfinger, Keebler, and Famous Amos. It also includes confectionery brands such as Jelly Belly, NERDS, and Trolli, and frozen food brands such as Blue Bunny, Bomb Pop, and Halo Top.

Building on its previous successful acquisitions in the United States, Ferrero intends to invest in and grow W.K. Kellogg Co.'s iconic brands, including Kellogg's Frosted Flakes, Kellogg's Froot Loops, Kellogg's Frosted Mini Wheats, Kellogg's Special K, Kellogg's Rice Krispies, Kellogg's Raisin Bran, Kashi, Bear Naked, and others, beloved by American consumers. W.K. Kellogg Co. is a renowned company, in business for nearly 120 years, and a leader in shaping the future of breakfast. Ferrero, with a heritage spanning over 75 years, has long admired W.K. Kellogg Co.'s legacy and is proud to be entrusted with carrying forward these iconic American brands.

"I am thrilled to welcome W.K. Kellogg Co. to the Ferrero Group," said Giovanni Ferrero , executive chairman of the family-owned Group. "This is more than just an acquisition: it represents the union of two companies, each with a proud legacy and generations of loyal consumers. In recent years, Ferrero has expanded its presence in North America, combining our well-known global brands with local gems rooted in the United States. Today's news is a milestone on this journey, giving us confidence in the opportunities ahead."

Kellogg Co., Chairman and CEO, said Gary Pilnick . “We believe this proposed transaction maximizes value for our shareholders and positions WK Kellogg Co. to write the next chapter in our company’s history. Since becoming an independent public company in October 2023, we have made excellent progress on our journey to become a more focused and profitable company while building a solid foundation for future growth. Joining Ferrero will provide WK Kellogg Co. with greater resources and greater flexibility to grow our iconic brands in this competitive and dynamic market. As a private, family-owned company with values aligned with our founder W.K. Kellogg, Ferrero is a great home for our people and has a history of supporting the communities in which we operate. We look forward to collaborating with their team to deliver on the great promise of cereal, explore opportunities beyond cereal, and help us bring the best to consumers every day.”

Lapo Civiletti , CEO of the Ferrero Group, added: "WK Kellogg Co., a trusted company with much-loved brands, represents a significant addition to the Ferrero Group. Enriching our portfolio with these complementary household brands marks an important step toward expanding Ferrero's presence across more consumer opportunities and reinforces our commitment to providing value to North American consumers."

Concurrent with the closing of the Ferrero deal, WK Kellogg Co. announced preliminary results for the second quarter of 2025, ended June 28, 2025. The company expects net sales of $610 million to $615 million and adjusted EBITDA of $43 million to $48 million. WK Kellogg Co. will release its full second quarter 2025 results and related financial information on August 5, 2025.