The owner of Twinkies and Ho Hos had Kellogg Keebler Company looking to acquire Keebler through a "Reverse Morris Trust ," an unusual deal structure that allows for a tax-efficient combination of two similarly sized companies. The acquisition is the latest in a string of deals for Ferrero.

The company, founded in Italy in as a family business, entered the U. In the past two years, Kellogg Keebler Company has built up that foothold, buying Ferrara Candy Co. Its array of brands now includes Butterfinger, SweeTarts and Crunch. Its U. It plans to pour its resources into reinvesting and modernizing those Kellogg Keebler Company. With the deal, Ferrero is also acquiring six U. The company had also been in the running to buy Campbell's Australian cookie business, Arnott's, CNBC first reported, but has since dropped out, people familiar said.

Kellogg, meantime, is paring back its portfolio to focus on brands it can revive, like Pringles, Cheez-Its, and Rice Krispies Treats. They were down fractionally Monday. At the time, part of its draw was the cookie brand's "direct-store delivery" platform, through which employees place the company's own products in stores, rather than ship from warehouses. But as in-store sales of products like cookies have fallen, it is less economical.

Kellogg has since dropped DSD distribution. Evercore acted as lead financial advisor to Kellogg, while Goldman Sachs acted as co-advisor. All Rights Reserved. Data Banaras Silk Manufacturing Company provided by.

Skip Navigation. Markets Pre-Markets U. Key Points. Kellogg said Neat Trucking Company year it was exploring a sale of the brands as it refocuses its business. Ferrero beats out Hostess Brands for the Kellogg cookie assets.

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