00:00Call it a sweet deal. Literally, chocolate maker Ferrero is buying W.K. Kellogg, the maker of Fruit Loops and Frosted Flakes, in a deal worth $3.1 billion.
00:11Now, you may remember W.K. Kellogg spun off into a standalone cereal company back in 2023.
00:17Its shares had been under pressure this year, but are now surging, trading right around the $23 per share buyout price.
00:23The move marks another bold step for Ferrero's U.S. expansion.
00:28The Italian family-owned brand, best known for Nutella and Ferrero Rocher, has already scooped up Nestle's U.S. candy business and the maker of Halo Top ice cream.
00:39The deal is expected to close later this year, pending approval from shareholders and regulators.
00:44Ferrero's U.S. business is about to get a whole lot bigger, covering everything from breakfast to dessert.
00:50That'll do it for your Daily Briefing. From the New York Stock Exchange, I'm Caroline Woods with The Street.
