Kellogg to sell Keebler and Famous Amos business to Nutella owner Ferrero
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.
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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.
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Kellogg may sell Keebler, Famous Amos brands to Ferrero for up to $1.5 billion: reportKellogg Co. is near a deal to sell its Keebler, Famous Amos and fruit snacks units to Ferrero in a deal worth between $1 billion and $1.5 billion, CNBC reported Sunday. Italy-based Ferrero owns Nutella and bought Nestle's U.S. candy business in January 2018. Kellogg has been looking to sell some of its snack-food brands for months as it looks to refocus on its core products. Ferrero beat out Hostess Brands for the cookie brands, CNBC said, and a deal may be announced as soon as Monday.
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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.
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