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Ferrero close to acquiring cereal producer WK Kellogg for about $3 bn
Ferrero close to acquiring cereal producer WK Kellogg for about $3 bn

Business Standard

time10-07-2025

  • Business
  • Business Standard

Ferrero close to acquiring cereal producer WK Kellogg for about $3 bn

By Crystal Tse, Liana Baker and Kristina Peterson Ferrero International SA, a closely held Italian candy maker, is close to acquiring cereal producer WK Kellogg Co. for about $3 billion, according to people with knowledge of the matter. Talks are advanced and a deal could be announced this week, the people said, asking not to be identified discussing private information. Shares of Kellogg surged as much as 54 per cent in post-market trading after the Wall Street Journal reported earlier on Wednesday that the two companies are nearing a deal. The stock had declined 2.7 per cent this year through Wednesday's close, valuing the company at $1.51 billion. A takeover of Kellogg has been speculated for several months. Dealreporter wrote in February that Ferrero was weighing a bid and the Betaville blog said earlier this week that Kellogg may have received takeover interest. Representatives for Ferrero and Kellogg didn't immediately respond to requests for comment. Kellogg, owner of cereal brands Froot Loops and Frosted Flakes, has been struggling to revive growth as consumers move away from sugary foods. In May, the company cut its guidance for annual organic sales, which strips out items including currency changes, to a decline of 3 per cent. Chief Executive Officer Gary Pilnick called out a 'challenging operating environment.' In 2023 Kellogg Company split into two separate entities with its snacking business under Kellanova and its cereal brands under WK Kellogg. Last year Kellanova, the owner of Pringles and Cheez-It, announced that it had agreed to be sold to closely held snacking company Mars Inc. for nearly $36 billion including debt, the largest deal of the year, Bloomberg's data showed. Ferrero's brands include Nutella, Kinder and Tic Tac, according to its website. The company, founded in 1946, sells products in more than 170 countries. In the fiscal year through August, sales rose 8.9 per cent to 18.4 billion euros ($21.6 billion). Ferrero has selectively bought brands, including from Kellogg before the separation, to bulk up its lineup of products. It bought a portfolio of cookies and fruit-flavored snacks including cookie brand Keebler from Kellogg in 2019 for $1.3 billion. The year before, the company bought the Butterfinger and Baby Ruth brands from Nestle SA. A WK Kellogg transaction would further diversify Ferrero's business after cocoa prices have surged recently for chocolate makers.

Teton Capital takes stake in Atlantic Union, urges for changes, Bloomberg says
Teton Capital takes stake in Atlantic Union, urges for changes, Bloomberg says

Business Insider

time07-06-2025

  • Business
  • Business Insider

Teton Capital takes stake in Atlantic Union, urges for changes, Bloomberg says

Teton Capital, David Sokol's investment fund, has acquired a stake in Atlantic Union Bankshares (AUB) and is urging the lender to weigh cutting costs, shrinking its board, and revamping its execution compensation, Bloomberg's Crystal Tse reports, citing people familiar with the matter. The fund holds a less than 5% interest in the regional bank, the author notes. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

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