The Ferrero group and WK KELLOGG CO have announced today that they had entered into a definitive agreement on the basis of which the multinational based in Piedmont agreed to acquire WK Kellogg Co, for 23.00 dollars per action in cash, for a total corporate value of 3.1 billion dollars.
The acquisition, which includes the production, marketing and distribution of the iconic WK KELLOGG CO breakfast wallet for the United States, Canada and the Caribbean, is part of the strategic growth plan of Ferrero and expands the scope of the company on several consumer occasions with renowned and beloved brands and a strong relevance for consumers.
WK KELLOGG CO is a company active for almost 120 years, leader in shaping the future of breakfast. Ferrero, who boasts over 75 years of experience, has long admired the legacy of WK Kellogg Co and is proud to have been commissioned to carry on these iconic American brands.
«I am excited to welcome Wk Kellogg Co. in the Ferrero group. This is more than a simple acquisition: it represents the union of two companies, both with a glorious tradition and generations of faithful consumers, “he said Giovanni Ferreroexecutive president of the Ferrero group.
«In recent years, Ferrero has expanded his presence in North America, combining our best known brands all over the world with local jewels rooted in the United States. Today’s news represents a fundamental milestone in this path, giving us confidence in future opportunities. “” We believe this transaction proposed to maximize the value for our shareholders and allows WK Kellogg Co. to write the next chapter of our company’s historic legacy, “said Gary Pilnick, president and CEO of WK Kellogg Co.
Lapo Civiletti, managing director of the Ferrero group, added: «WK Kellogg Co, a reliable company with appreciated brands, represents a significant addition to the Ferrero group. Enriching our portfolio with these complementary brands for the family marks an important step towards the expansion of Ferrero’s presence on several occasions of consumption and strengthens our commitment to provide value to consumers in North America “.
According to the terms of the agreement, Ferrero will acquire the entire share capital in circulation of WK Kellogg Co. for 23 dollars per action in cash, for a total corporate value of 3.1 billion dollars. Upon completion of the operation, the ordinary shares of WK Kellogg Co. will no longer be traded on the New York Stock Exchange and the company will become a 100% subsidiary of Ferrero.