The Italian giant of agribusiness Ferrero, known for global brands such as Kinder and Nutella, has acquired the American group WK Kellogg, also known as Kellogg's.

The transaction, valued at $3.1 billion (including debt), was jointly announced by both companies.

WK Kellogg is the specialist in breakfast cereals, with iconic products such as Corn Flakes and Rice Krispies.

According to the portal Banking and Business, the agreement stipulated a payment of $23 per share of WK Kellogg. This represented a premium of 31% over the closing price on Wall Street. Following the news, WK Kellogg's stock surged nearly 50% in electronic trading.

The move solidified Ferrero's expansion strategy in the United States. The Italian group had previously made significant moves, such as the purchase of Nestlé's U.S. confectionery business in 2018 for $2.8 billion.