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Ferrero to Buy WK Kellogg in Candy-Meets-Cereal Deal

July 10, 2025
in News
Ferrero to Buy WK Kellogg in Candy-Meets-Cereal Deal
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Ferrero, the Italian candy maker, has agreed to acquire WK Kellogg, the American cereal giant, in a deal valued at $3.1 billion, the companies announced on Thursday.

The takeover would combine Ferrero, a family-owned company that makes Tic Tacs, Ferrero Rocher candies and Nutella spreads, with the producer of Frosted Flakes, Froot Loops, Rice Krispies and other cereals. It represents Ferrero’s latest push to grow its business in North America.

Shares of WK Kellogg surged 30 percent in early trading, rising to just below the acquisition price agreed by the companies.

Merger activity in the food sector has been slow this year as President Trump’s volatile trade policy has created uncertainty for company executives and unsettled consumers, according to the investment banking firm Capstone Partners.

Shoppers, faced with nearly two years of significant price increases for cereals, snacks and other foods at grocery stores have either cut back or switched to less expensive, private-label store brands.

WK Kellogg reported a slump in sales in its first quarter this year because of the “weaker than expected consumption trends.” The company said that sales for the full year would be lower than previously expected, falling as much as 3 percent.

The combination with Ferrero would give WK Kellogg “greater resources and more flexibility to grow our iconic brands in this competitive and dynamic market,” Gary Pilnick, chief executive of WK Kellogg, said in a statement.

WK Kellogg was created in 2023 when Kellogg Company spun it off into an independent company. The larger remaining business, which focused on snacks like Pringles and Cheez-It, was renamed Kellanova.

Mars, the company behind M&M’s and Snickers, agreed last year to acquire Kellanova in a deal valued at $35.9 billion.

Last month, the Federal Trade Commission approved that deal — a signal that the Trump administration’s antitrust regulators might take a less aggressive approach to merger enforcement than their Biden administration predecessors.

The Kellanova deal is still facing antitrust review in Europe.

Ferrero’s deal for WK Kellogg is “relatively small,” meaning it is less likely to face significant regulatory hurdles, said Philip Howard, a professor at Michigan State University, who studies concentration in the food system. “Since Ferrero is dominant in candy but not breakfast cereal, it probably won’t be challenged by regulators in the U.S. or E.U.,” he added.

Julie Creswell is a business reporter covering the food industry for The Times, writing about all aspects of food, including farming, food inflation, supply-chain disruptions and climate change.

Danielle Kaye is a Times reporter, covering business and policy for the DealBook newsletter.

The post Ferrero to Buy WK Kellogg in Candy-Meets-Cereal Deal appeared first on New York Times.

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