The Italian sweet manufacturer Ferrero International has confirmed the purchase of American WK Kellogg Cereal Producer at $ 23 per share, valuing the company in 3.1 billion dollars. WK Kellogg shares have shot 30.69% in the US market. This, after rising 3.5% in Wednesday's session and having fallen 2.7% so far this year. The acquisition, which includes the manufacture, commercialization and distribution of the «iconic cereal portfolio for the» Kellogg WKGG in the United States, Canada and the Caribbean breakfast, the Caribbean, Ferrero Strategic Growth Plan is part. «This transaction represents a new chapter in the demonstrated strategy of Ferrero de ADquire, invest and expand iconic marksas its global presence continues and its product offer in North America, «the company has detailed.» I am pleased to welcome WK Kellogg to the Ferrero Group. This is more than a simple acquisition: it represents the union of two companies, each with a legacy that is proud And generations of faithful consumers, «said Giovanni Ferrero, executive president of the Ferrero Group.» In recent years, Ferrero has expanded his presence in North America, joining our recognized brands around the world with local jewels with US roots. Today's news is a key milestone on that path, which gives us trust in the opportunities we have ahead«He added.» We believe that This proposed transaction maximizes the value for our shareholders And allows WK Kellogg to write the next chapter of our company's historical legacy, «said Gary Pilnick, president and CEO of WK Kellogg. After the closure of the transaction, BAttle Creek, Michigan, will continue to be a central location for the company and will be Ferrero's headquarters for Cereals in North America.
