Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion. The Ferrero Group said Thursday it will pay $23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co.’s portfolio of breakfast cereals across the United States, Canada and the Caribbean. Kellogg was founded in Battle Creek, Michigan, in 1906. It makes Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The deal still needs the approval of WK Kellogg’s shareholders.… Continue Reading