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Kellogg agreed to sell its Keebler, Famous Amos and Mother's cookies, fruit snacks, pie crusts and ice-cream cones businesses, with nearly $900 million in 2018 sales, to Ferrero for $1.3 billion in cash.

Kellogg closed the $1.3 billion sale of Keebler, Famous Amos, Mother's and Murray's cookies, Kellogg's Fruity Snacks, Stretch Island fruit strips, pie crusts and ice-cream cones to the Ferrero Group.

Ferrero agreed to buy WK Kellogg Co, maker of Frosted Flakes, Froot Loops, Special K and Rice Krispies in North America, for $23 a share in cash, a 40% premium and a $3.1 billion enterprise value.

WK Kellogg Co became a wholly owned Ferrero subsidiary and left the New York Stock Exchange, with shareholders paid $23 a share in cash a week after approving the deal.