Billionaire Ferrero Clan Joins Rival Mars in Looking Beyond Chocolate

The fictional candy tycoon Willy Wonka dismissed cereal as “disgusting” and made of pencil shavings. But for Ferrero International SA — whose late owner was frequently compared to the character — the breakfast food marks a key step in diversifying a chocolate dynasty.

The Nutella maker’s $3.1 billion acquisition of WK Kellogg Co. would mark the biggest purchase for the Italian candy giant in its 79-year history. It also signals a shift for the Ferrero family’s $50.4 billion fortune, which is overwhelmingly tied to sugary treats, from its signature cocoa-hazelnut spread to Tic Tacs and Kinder bars.