Grrreat Expectations: Ferrero’s Frosted Grab for Growth
Ferrero scoops up iconic cereal maker WK Kellogg in a $3.1B breakfast takeover that reshapes the North American food landscape.

Ferrero is hungry, and not just for chocolate. In a bold move that blends sweetness with strategy, the Italian confectionery giant has announced plans to acquire WK Kellogg Co. for a staggering $3.1 billion. Known globally for brands like Nutella, Kinder, and Ferrero Rocher, the company is now looking to take a bigger bite out of the North American breakfast table. With this deal, Ferrero isn't just snapping up cereal brands—it’s rewriting the rules of food empires on both sides of the Atlantic.
The acquisition includes all six of WK Kellogg’s manufacturing plants, its marketing muscle, and its entire distribution network across the United States, Canada, and the Caribbean. Ferrero will pay $23 per share, a 31 percent premium on Kellogg's recent trading price, sending shares of the cereal maker soaring. Investors saw the writing on the cereal box, and Wall Street snapped, crackled, and popped in response.
WK Kellogg, the iconic cereal company born in Battle Creek, Michigan in 1906, holds a treasured spot in American pantry history. From Corn Flakes to Frosted Flakes, Froot Loops to Special K, and of course Rice Krispies, its legacy is breakfast royalty. But over the years, that crown has dulled. U.S. cereal consumption has been slipping as consumers reach for faster, protein-packed alternatives like shakes and bars. Even a temporary pandemic bump in sales wasn’t enough to reverse a long-term trend. According to NielsenIQ, cold cereal sales were down 6 percent this year compared to 2022, and Kellogg’s net sales dropped 2 percent to $2.7 billion in 2024.
This isn’t Ferrero’s first conquest in the American snack wars. Back in 2018, it took over Nestlé’s U.S. candy portfolio, acquiring beloved brands like Butterfinger, Nerds, and SweeTarts. Four years later, Ferrero scooped up Wells Enterprises, the makers of Blue Bunny and Halo Top, gaining a foothold in the U.S. ice cream aisle. But this latest deal is different. It’s not just about indulgence—it’s about daily routines. Ferrero is moving from treats to staples, from desserts to daily meals, and that's a power play no one saw coming.
