Kellogg announced plans Monday to sell its Keebler, Famous Amos and fruit snacks businesses to Nutella-owner Ferrero for $1.3 billion.
The deal is the latest in a string of acquisitions for Ferrero. The company, founded in Italy as a family business in 1946, first entered the U.S. market in 1969 with its Tic Tac mints. Over the past two years, its built up that foothold, buying Ferrara Candy Company for $1 billion and Nestle's U.S. candy business for $2.8 billion. Its array of brands now include Butterfinger, Sweetarts, and Crunch.
Kellogg, meantime, is paring back its portfolio to focus on brands it can revive,like Pringles, Cheez-Its, and Rice Krispies Treats. Shares of Kellogg, which has a market capitalization of $19.72 billion, are down nearly 11 percent over the past year.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
The selling of America by shareholders and stakeholders.
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Kellogg nears deal to sell Keebler and Famous Amos business to Nutella owner FerreroKellogg is nearing a deal to sell its Keebler, Famous Amos and fruit snacks businesses to Ferrero for between $1 billion and $1.5 billion, people familiar with the situation tell CNBC. Ok, now I'm hungry.
Source: CNBC - 🏆 12. / 72 Read more »
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.
Source: CNBC - 🏆 12. / 72 Read more »
BlackRock's $1.3 billion tech deal highlights the asset manager's ambitions to be a tech company — and hints at its futureThe deal fits with BlackRock's push into technology and illiquid alternatives, like private equity and real estate.
Source: BusinessInsider - 🏆 729. / 51 Read more »
WellCare's stock jumps 23% after Centene announces merger valued at $17.3 billionHealth-care company Centene Corp. on Wednesday announced plans to purchase managed-care provider WellCare Health Plans Inc. . St. Louis-based Centene said it... thanks for updates ODPP
Source: MarketWatch - 🏆 3. / 97 Read more »