Kellogg nears deal to sell Keebler and Famous Amos business to Nutella owner Ferrero

Kellogg is nearing a deal to sell its Keebler, Famous Amos and fruit snacks businesses to Nutella-owner Ferrero for between $1 billion and $1.5 billion, people familiar with the situation tell CNBC.

Kellogg announced the sale of its cookie brands last year. Other brands up for sale include Murray and Mother's cookies and Stretch Island fruit snacks."We need to make strategic choices about our business and these brands have had difficulty competing for resources and investments within our portfolio," Kellogg CEO Steve Cahillane said in a statement last year, when announcing the planned divestitures.

Ok, now I'm hungry.

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Ferrero and Hostess vie for Kellogg's Keebler cookie business, in a roughly $1.5 billion dealKellogg's Keebler, Famous Amos and fruit snacks businesses brought in final bids from Hostess Brands and Nutella-owner Ferrero, people familiar with the situation tell CNBC. A deal could value the brands at about $1.5 billion.
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