Shareholders held an 11-minute virtual meeting Friday, approving the $3.1 billion deal which could close as soon as September 26th. Once closed, the Battle Creek-based cereal manufacturer would become a subsidiary of Ferrero, the family-owned maker of Nutella.
More than 72% of investors holding more than 86.4 million Kellogg shares voted in favor of the sale.
Kellogg Chairman and CEO Gary Pilnick presided over the online meeting, thanking shareholders for their vote.
“I would also like to give a heartfelt thank you to our world class team, our employees and our board of directors for the work they do every day to make WK Kellogg what it is and the extra work they put in to make this day possible.”
According to the terms of the merger agreement, Ferrero will buy WK Kellogg for $23 a share in an all-cash deal that includes all marketing, manufacturing and distribution of the company’s breakfasts cereals in the U.S., Canada and Caribbean.
Ferrero employs more than 14,000 people at 22 plants and 11 offices across North America.
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