The Italian group Ferrero is negotiating to buy the American company Kellogg's, valued at 2.56 billion euros.

The Italian family-owned food group Ferrero, owner of Ferrero Rocher and Kinder, is in advanced negotiations to acquire the US breakfast cereal company WK Kellogg's, in a deal valued at up to $3 billion (€2.56 billion), according to the Financial Times and first reported by The Wall Street Journal.

The acquisition, which could be announced as early as this week, values ​​the company at a significant premium to its market value of $1.5 billion (€1.28 billion), according to two people familiar with the matter, who cautioned that there is no guarantee a deal will close.

WK Kellogg was spun off from its parent company in 2023, which changed its name to Kellanova and retained snack brands such as Pringles. Food giant Mars agreed to acquire Kellanova last year in a $36 billion (€30.73 billion) deal that is now facing antitrust scrutiny from European regulators.

WK Kellogg's performance as a standalone company has been disappointing, and its shares have underperformed the broader market since the spin-off , the British newspaper said, adding that the company had net debt of $569 million (€486 million) as of March this year.

The Battle Creek, Michigan-based company's organic net sales declined 5.6% year-over-year in the first quarter to $667 million (€570 million), while net income plummeted 45.5% to $18 million (€15 million).

WK Kellogg's largest shareholder is the WK Kellogg Foundation , a charitable foundation with approximately 16% of outstanding shares. Ferrero was founded in 1946 by Italian confectioner Pietro Ferrero and remains family-owned today, with his grandson, Giovanni, serving as its CEO.