Ferrero and Rivals Eye U.S. Cereal Market in Billion-Dollar Deals

Cerberus Capital Management and billionaire Dean Metropoulos jointly made a serious but unsuccessful bid to acquire cereal maker WK Kellogg, which was ultimately acquired by the Ferrero Group for around $3.1 billion. The bid highlights ongoing interest and activity in the food sector, with Cerberus and Metropoulos having histories of investing in consumer brands, and raises questions about future potential targets.