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The Ferrero Group has agreed to acquire WK Kellogg Co. for $23.00 per share in cash, representing a total enterprise value of $3.1 billion.

The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

Ferrero will buy Kellogg for $23 per share in cash for a total of about $3.1 billion. The deal has been approved by Kellogg’s board of directors, though it still needs to be approved by shareholders ...