Ferrero has agreed to acquire WK Kellogg Co for $3.1bn, expanding its presence in North America with brands like Rice Crispies and Special K. This move marks the end of the old Kellogg Company after almost 120 years of operation. Ferrero’s CEO sees this acquisition as a way to enhance the company’s portfolio and deliver more value to consumers in North America. The deal reflects Ferrero’s strategy of expanding through M&A, with previous acquisitions including Wells Enterprises and Burton’s Biscuit Company. The cereal market in the US has been challenging, but Ferrero remains optimistic about the potential benefits of this acquisition.

Read more at Yahoo Finance: Ferrero reaches for the cereal bowl