Nutella maker Ferrero to acquire WK Kellogg for $3.1bn | Business and Economy News

Deal announced as cereal giant Kellogg struggles as consumer demand slows due to inflation.

The Ferrero Group will acquire United States cereal brand WK Kellogg for roughly $3.1bn as the latter struggles with weakening consumer demand and inflationary pressures.

Kellogg and Ferrero announced the deal on Thursday.

Deal making in the snack industry has picked up pace as food brands battle muted sales in the wake of price hikes owing to higher input costs and a shift in consumer preference for…