BATTLE CREEK, MI — Michigan’s WK Kellogg Co., the cereal giant is set to be acquired by an Italian candymaker in a nearly $3 billion deal total, according to a story in the Detroit News on Thursday.
The deal with Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized later this week, according to reports.
Kellogg, the Battle Creek-based maker of Frosted Flakes, Cheerios, Froot Loops and other breakfast cereals, has a market value of $1.5 billion but has $500 million in debt, according to the latest filings with the U.S. Securities and Exchange Commission.
Kellogg has recently come under scrutiny in the United States because of its use of food dyes and colorings. The cereal makers has about 2,000 employees in Battle Creek, according to company data.
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