Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.
The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.
The Ferrero Group has agreed to acquire WK Kellogg Co for $23 per share in cash, for a total enterprise value of $3.1 billion, WK Kellogg said in a news release. RELATED: Kellogg’s reportedly set to sell 119-year-old cereal company in $3B deal