Ferrero

Ferrero, known for brands like Nutella and Butterfinger, is taking cereal company WK Kellogg private in a deal valued at approximately USD 3.1 billion. The Ferrero Group will pay USD 23 for each Kellogg share. The transaction includes the manufacturing, marketing and distribution of WK Kellogg Co's portfolio of breakfast cereals across the United States, Canada and the Caribbean. Kellogg's brands include Fruit Loops, Special K, Frosted Flakes and Rice Krispies. The deal, which still needs approval from Kellogg shareholders, is expected to close in the second half of the year. Once the transaction is complete, Kellogg's stock will no longer trade on the New York Stock Exchange and the company will become a Ferrero subsidiary.

Kellogg, owner of cereal brands Froot Loops and Frosted Flakes, has been struggling to revive growth as consumers move away from sugary foods

Nestle India, which dominates the confectionery space with leading brands like Kitkat and Munch, continues to hold the third spot in revenue.

The all-cash transaction is expected to close by the end of July