Ferrero Enters U.S. Snack Aisle With $1.3 Billion Acquisition Of Kellogg's Brands [Forbes]
Hostess Brands, Inc. - Class A (TWNK)
Last hostess brands, inc. - class a earnings: 2/26 04:05 pm
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Source: Forbes
Ferrero Enters U.S. Snack Aisle With $1.3 Billion Acquisition Of Kellogg's Brands Kellogg acquired Keebler for $4.4 billion in 2001 to diversify beyond its core breakfast cereal business. Flickr-Willis Lam Let’s face it: Snacks are so hot right now that even Ferrero, which not long ago prided itself on being the only top U.S. confectioner that solely focuses on candy, now wants to take a bite of the market. The company has just agreed to acquire the cookie, fruit, and fruit-flavored snack, ice cream cone and pie crust businesses from Kellogg for $1.3 billon, defeating rival bidder Hostess Brands. JP Morgan and Davis Polk & Wardwell served as advisors to Ferrero. The Italian chocolate giant is the owner of brands such as Ferrero Rocher, tic tac and Nutella, and it became the third largest confectioner in the U.S. following Mars and Hershey after acquiring Nestlé’s U.S. candy brands for $2.8 billion a year ago. The deal involving brands from Keebler, Famous Amos, Mother’s and Murray to
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