Discover the Italian tycoon who brought Ferrero’s $3.1 billion spending spree on Kellogg’s breakfast empire to life.
Meet The Italian Billionaire Behind Ferrero’s $3.1 Billion Deal For Kellogg
ByGiacomo Tognini, Forbes Staff. Giacomo Tognini is a staff writer at Forbes covering billionaires
As sole head of the candy making business starting in 2015, Executive Chairman Giovanni Ferrero added not only the globally famous Nutella brand, but expanded through major acquisitions in the United States to build a global powerhouse.
When Italian candy and food giant Ferrero announced it would acquire WK Kellog, the cereal maker behind Froot Loops and Corn Flakes, for $3.1 billion on Thursday, it not only marked one of the largest food industry deals of the past year, but also brought to a close Giovanni Ferrero’s decade-long campaign to transform his Italian brand into a powerhouse in American food business.
Forbes have assessed that the company bought at least 21 companies across nine countries over the last ten years and the company spent more than 13 billion dollars which includes the deal announced on Thursday.
_“Meet The Italian Billionaire Behind Ferrero’s $3.1 Billion Deal For Kellogg”_
_Jamel Toppin for Forbes_
_ByGiacomo Tognini, Forbes Staff_. _Giacomo Tognini is a staff writer at Forbes covering billionaires._
Under his management, Ferrero has greatly advanced the family business and expanded its reach far beyond Nutella into a global goliath, particularly through major purchases in the United States. Giovanni Ferrero became sole head of Nutella maker Ferrero in 2015.
When Italian candy and food giant Ferrero announced it would acquire WK Kellogg— the cereal maker behind Froot Loops and Corn Flakes—for $3.1 billion on Thursday, it wasn’t just one of the largest deals in the food industry in the past year. It also marked the crowning achievement of Giovanni Ferrero, the billionaire executive chairman and majority owner of his family’s company, who has led a decade-long campaign to evolve his Italian brand well beyond European chocolate treats and turn it into a food powerhouse in the United States.
Forbes places an estimate on the firm’s purchases, stating it has spent over $13 billion on at least 21 companies across nine countries over the span of a decade. One of those purchases includes a snack producer located in Brazil.
