Snap, crackle and pay: Ferrero to buy WK Kellogg for $3.1 bln - Markets & Companies
Ferrero, whose products include Nutella chocolate spread and Ferrero Rocher chocolate treats, will pay $23 per share in cash for WK Kellogg, which is known for Rice Krispies and Kellogg's Frosted Flakes, among other offerings.
The transaction is expected to close in the second half of 2025, said a joint press release. On completion of the transaction, WK Kellogg will be a wholly owned subsidiary of Ferrero.
The pricing of Kellogg represents a 31 percent premium to the company's closing price on Wednesday.
Ferrero Chief Executive Giovanni Ferrero described the merger as "the coming together of two companies" with "generations of loyal consumers."
"Over recent years, Ferrero has expanded its presence in North America," said Giovanni Ferrero. "Today's news is a key milestone in that journey, giving us confidence in the opportunities ahead."
Ferrero, whose origins stem from its founding in Alba, Italy in 1946, has struck a number of deals in recent years to expand in North America, including the 2018 purchase of Nestle's US confectionary business for $2.8 billion in cash.
Prior to the Kellogg deal, Ferrero had more than 14,000 employes across 22 plants and 11 offices in North America, according to the press release. Its US brands include Keebler, Famous Amos and Tic Tac.
WK Kellogg is the cereal arm of Michigan-based Kellogg, which split itself up a couple of years ago, with its Kellanova snack brand being sold to Mars in August 2024 for around $36 billion.
"We believe this proposed transaction maximizes value for our share owners and enables WK Kellogg Co to write the next chapter of our company's storied legacy," said Gary Pilnick, chief executive of WK Kellogg.
"Joining Ferrero will provide WK Kellogg Co with greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market."
Kellogg dates its origins to 1894 when founder WK Kellogg invented the Corn Flakes cereal, the first of a series of offerings that later expanded to Raisin Bran and Froot Loops.
Shares of WK Kellogg surged 30.9 percent in mid-morning trading.
Follow us on:
Short link:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
10 hours ago
- Daily News Egypt
Egypt signs vaccine production agreement with UAE's Al Qalaa, China's Red Flag
Egypt's Holding Company for Biological Products and Vaccines (VACSERA) has signed a memorandum of understanding (MoU) with UAE-based Al Qalaa Investments and China's Red Flag to expand its capacity in human and veterinary vaccine production and develop plasma-derived therapies, the Ministry of Health announced on Monday. Health Ministry spokesperson Hossam Abdel Ghaffar said the agreement supports Egypt's national strategy to attract foreign investment, localise biotechnology industries, and advance scientific research and innovation under the country's Vision 2030 sustainable development framework. The partnership aims to position Egypt as a regional hub for vaccine manufacturing and exports—particularly to African and Arab markets—while ensuring self-sufficiency in critical vaccines and plasma-based products. Sherif El-Fil, CEO of VACSERA, described the deal as a major step toward transferring advanced vaccine manufacturing technologies to Egypt. He said it would secure the domestic supply of safe, effective vaccines and open new export opportunities. El-Fil added that the collaboration will also strengthen VACSERA's capabilities in plasma processing and biopharmaceutical production, reinforcing its role as a key regional player in the vaccine industry. The MoU was signed by Sherif El-Fil for VACSERA, Li Yang, CEO of China's Red Flag, and Ashraf El-Badawy, CEO of UAE's Al Qalaa Investments.
Mid East Info
12 hours ago
- Mid East Info
Navigating ADHICS Compliance: How MIT Consultants is Shaping Cybersecurity Standards in UAE Healthcare
As UAE healthcare and financial institutions race to meet stringent ADHICS regulations, MIT Consultants emerges as a trusted advisor, guiding enterprises toward robust compliance through tailored cybersecurity solutions. The cybersecurity landscape in the UAE has dramatically evolved, with healthcare and financial institutions facing heightened regulatory demands under the Abu Dhabi Healthcare Information and Cyber Security Standards (ADHICS). Recent high-profile data breaches and cyber threats have highlighted the urgent need for organizations to comply fully with these standards, protecting sensitive patient and financial information. As organizations scramble to adapt, MIT Consultants, a Dubai-based cybersecurity advisory and solutions reseller, is becoming a pivotal player in assisting healthcare and financial institutions in navigating the complexities of ADHICS compliance. Expert Advisors, Tailored Solutions MIT Consultants differentiates itself through its vendor-neutral advisory approach, ensuring that the solutions recommended are best suited to each organization's specific operational and compliance needs. Rather than advocating for a particular product, the firm's cybersecurity experts thoroughly analyze an institution's existing infrastructure, identify vulnerabilities, and align their recommendations precisely with ADHICS requirements. 'Our role goes beyond mere reselling of cybersecurity solutions,' says Mohamed Moussous, CEO of MIT Consultants. 'We see ourselves as strategic partners. Our clients benefit from our ability to pinpoint precisely what's needed to achieve compliance efficiently and securely.' Addressing Critical Cybersecurity Needs Healthcare and financial institutions face particular vulnerabilities—ransomware, phishing attacks, insider threats—all of which ADHICS compliance seeks to mitigate through rigorous cybersecurity measures. MIT Consultants addresses these threats by implementing robust Privileged Access Management (PAM), real-time threat detection systems, patch management processes, and secure information management strategies tailored specifically to ADHICS regulations. Real-World Successes MIT Consultants has successfully guided numerous institutions through ADHICS compliance by identifying gaps, providing detailed roadmaps, and recommending integrated solutions from global cybersecurity vendors. Their expertise ensures minimal operational disruption while achieving full regulatory adherence, ultimately safeguarding institutions from both cyber threats and potential regulatory penalties. 'With our deep understanding of the UAE cybersecurity landscape, we provide not just technical solutions but peace of mind,' adds Moussous. 'Our clients trust us because we have their best interests at heart, which is compliance, security, and operational efficiency.' A Strategic Advantage In an environment where regulatory compliance and cybersecurity intersect critically, MIT Consultants offers UAE healthcare and financial institutions a significant strategic advantage. By entrusting compliance initiatives to specialized cybersecurity advisors, organizations can stay ahead of threats, ensure adherence to regulations, and maintain a secure operational environment. As ADHICS continues to shape the future of cybersecurity compliance in the UAE, MIT Consultants stands out as an indispensable ally, turning complex regulatory challenges into clear, actionable strategies. Mohamed Moussous, CEO of MIT Consultants IRIS BAY – Business Bay Dubaimmoussous@ Website: Linkedin: website of the Group :
Mid East Info
a day ago
- Mid East Info
Middle East startups gain global ground with original tech solutions - Middle East Business News and Information
Tech investor, entrepreneur Abdumalik Mirakhmedov says 'Made in MENA' is becoming a world-class brand Dubai, UAE, 6th August, 2025: Middle East tech startups are attracting global attention, showing the region is capable of setting trends instead of just following them, with the UAE proving to be a key launchpad for success. With homegrown innovations addressing real-world challenges, founders are scaling rapidly and attracting serious investment, and Dubai-based entrepreneur and tech investor, Abdumalik Mirakhmedov believes there is much more to come. Mirakhmedov has seen startups like Seez, InstaDeep, and Dake Rechsand redefine what 'Made in MENA' means, with original, scalable solutions that now compete on the world stage, and he says many more success stories will follow. 'The most exciting new tech is no longer exclusive to Silicon Valley,' says Mirakhmedov, Director and co-founder of Scalo Technologies, the UAE tech venture company. 'Startups in this region are attracting investors and global partners with smart, scalable solutions to urgent problems. 'Made in MENA' no longer means just copying something else. It now stands for original products built to meet real needs in tough markets, with plans to grow beyond from the start.' Mirakhmedov says the UAE is now one of the safest and most welcoming places for startups, thanks to government efforts that created a strong, business-friendly environment for founders who have reaped the benefits. Among the standout performers has been Dubai-based autotech startup Seez. It began with an app that could identify any car from a single photo, gaining nearly three million users quickly, before shifting its focus to address broader industry challenges. Seez now offers software solutions to car dealerships and manufacturers to enhance customer experience and boost sales. The company has expanded into 16 markets, from Mexico to Australia, providing a full AI- and machine learning-powered SaaS platform built on its own technology. Earlier this year, UK-based Pinewood Technologies acquired Seez for $46.2 million. 'This shows that homegrown tech from the region can effectively reach underserved markets and do so faster than many international competitors,' says Mirakhmedov. 'This is happening more often now. Startups across MENA are focused on solving persistent problems and creating products built from the ground up, many of which can succeed beyond the region.' Another strong example is Dubai-based Dake Rechsand, which helps grow crops in deserts and save water. The company made a sand-based material that helps desert soil hold water, so rain can be saved and dry land turned into farmland. The company has expanded from the UAE into the USA, India, China, and South Africa. Says Mirakhmedov: 'This shows how MENA tech companies can make a real difference globally by solving important problems with well-designed solutions, instead of just chasing growth.' Ends
