Washington, Jul 10 (AP) 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.

Also Read | Nimisha Priya Case: SC To Hear Plea Seeking Relief for Kerala Nurse on July 14, Know All About Indian National Sentenced to Death in Yemen.

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. (AP)

Also Read | Canada Plane Crash: Indian Student Pilot Sreehari Sukesh Among 2 Killed After Single-Engine Plane Collides With Another Aircraft During Training in Manitoba.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)