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WK Kellogg Co (NYSE:KLG) shareholders approved the company’s proposed merger with Ferrero International, S.A. at a special meeting held Friday, according to a statement based on an SEC filing.
The approved merger agreement, originally signed on July 10, 2025, outlines that Ferrero International, through its subsidiary Frosty Merger Sub, Inc., will merge with WK Kellogg Co. As a result, WK Kellogg Co will become an indirect wholly owned subsidiary of Ferrero International.
At the close of business on August 11, 2025, WK Kellogg Co had 86,416,394 shares of common stock outstanding. Of these, 66,999,377 shares, or approximately 77.53%, were present virtually or by proxy at the meeting, constituting a quorum. The merger proposal received 62,488,674 votes in favor, 4,375,732 votes against, and 134,971 abstentions.
Shareholders also approved, on a non-binding advisory basis, the compensation that may be paid to WK Kellogg Co’s named executive officers in connection with the merger. This advisory proposal received 59,861,150 votes in favor, 6,886,365 votes against, and 251,862 abstentions.
No other business was conducted at the meeting.
Following the approval, the parties intend to close the merger on September 26, 2025, subject to the satisfaction or waiver of customary closing conditions outlined in the merger agreement. After completion, WK Kellogg Co’s common stock will be delisted from the New York Stock Exchange and will cease to be publicly traded.
All information in this article is based on a statement from a recent SEC filing.
In other recent news, WK Kellogg Co has announced its quarterly dividend of $0.165 per share, which will be payable on September 12, 2025. The company also revealed plans to eliminate synthetic dyes from its cereals, including Froot Loops and Apple Jacks, by the end of 2027. This move aligns WK Kellogg with other U.S. food manufacturers aiming to remove artificial colorants. Additionally, WK Kellogg has entered into a definitive agreement to be acquired by Ferrero for $23 per share in cash, valuing the company at $3.1 billion. This acquisition has led TD Cowen to upgrade WK Kellogg’s stock rating from Sell to Hold, with the price target now set at $23.00.
JPMorgan has assumed coverage of WK Kellogg with a Neutral rating, raising its price target to $23.00, citing risks related to the company’s margin targets amidst competition from General Mills. Meanwhile, Stifel has maintained its Hold rating on WK Kellogg, keeping the price target at $23.00. These developments reflect ongoing strategic shifts and market assessments for WK Kellogg.
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