All articles tagged with #wk kellogg
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.
Ferrero, the European confectionery giant, is acquiring WK Kellogg Co., the maker of Froot Loops and other cereals, in a $3.1 billion deal expected to close in late 2025, marking Ferrero's expansion into the North American cereal market.
Ferrero, the Italian confectionery company, is acquiring WK Kellogg, the American cereal producer, in a $3.1 billion deal to expand its presence in North America and diversify beyond candies and snacks, amid challenging market conditions and declining sales for Kellogg.
Shares of WK Kellogg surged over 50% following reports that Ferrero is close to a $3 billion deal to acquire the cereal company, which would expand Ferrero's presence in the U.S. packaged foods market amid ongoing industry consolidation.
WK Kellogg CEO Gary Pilnick is facing criticism for suggesting that consumers struggling with food inflation should eat cereal for dinner, claiming that the message is "landing really well" with consumers. His comments come as data shows that 11.3% of disposable income was used on food in 2022, the highest figure since 1991. Consumers have expressed outrage at the suggestion, with some viewing it as a tone-deaf response to food insecurity and inflation, especially given Pilnick's million-dollar compensation.