When Mergers Work (and When They Don’t): Kellogg’s Journey and Breakup

When Ferrero Rocher paid $3.1B for W.K. Kellogg, investors made out—but was it a good buy? We explore Kellogg's history, its split into Kellanova and W.K. Kellogg, and who bought them. One deal makes sense. The other is jamming chocolate into breakfast aisles for no clear reason.