Core Insights - In 2023, Kellogg Company was split into two entities: Kellanova, which includes growing snack brands like Pringles, and WK Kellogg, focusing on ready-to-eat cereal products [2] Financial Performance - For the three months ending June 30, WK Kellogg reported a net sales decline of approximately 9% year-over-year [3] - In July, Ferrero announced the acquisition of WK Kellogg for over $3 billion, a price approximately 40% higher than WK Kellogg's recent market value [3] Historical Context - The origins of Kellogg date back to the mid-19th century, when John Harvey Kellogg, influenced by health reformers, began experimenting with grain-based foods [4] - In 1894, John received a patent for "flaked cereal and its preparation," leading to the commercialization of ready-to-eat cereals [4] - The cereal industry saw rapid growth, with around 100 companies emerging in Kellogg's hometown by 1903 [4] Market Trends - The demand for ready-to-eat cereals has been declining over the past 25 years, with U.S. consumers purchasing approximately 2.1 billion boxes in the year leading up to July, a decrease of over 10% compared to the same period in 2021 [5] - Changing consumer preferences have led to increased competition from convenient breakfast options like sandwiches and energy bars, as well as private label brands from retailers like Costco [6] Challenges Faced by WK Kellogg - WK Kellogg has struggled with declining cereal sales and has primarily relied on price increases to support revenue [6] - The company's attempt to reposition cereals as snacks has faced backlash, particularly in light of rising food prices [6] - Despite having health-oriented products, WK Kellogg's market share in healthier cereal categories has been declining [7] Strategic Moves by Ferrero - Ferrero's acquisition of WK Kellogg is seen as a strategic move to diversify its product offerings beyond snacks and chocolates into breakfast foods [9][10] - The acquisition provides Ferrero with a strong distribution network and negotiating power with retailers in North America [9] - Ferrero's experience with regulatory compliance may assist WK Kellogg in adapting to changing health regulations [10] Industry Dynamics - The food industry is undergoing consolidation, with key players vying for control [10] - The integration of WK Kellogg into Ferrero's operations will be crucial for creating long-term value, given the differences in their business models [11]

如果要在一日三餐中，选一餐吃后能减肥的，可能只有早餐获此殊荣。 "吃早餐帮助减肥"由来已久。早餐可降低一天饥饿感的结论，源于综述研究中超60%的实验结果。同 样，吃完早餐代谢短暂提升的现象，也使葛优瘫爱好者们跃跃欲试。 但这条"金科玉律"的结论下的现象是，包括常见的高热量早餐也被一并视为减肥利器。不论是中国的米 粥烧麦，还是欧美的华夫燕麦。但很显然，饱含高热量碳水，与减肥者们想要的效果是相反的。 "吃早餐减肥"的效果被夸大了。 在过去，早餐一度上升至减肥药级别。通过赞助科学实验室发表有利结论，早餐麦片品牌开启营销推 广，使高糖低脂的美式早餐麦片成为风靡食品。 至于不牵涉商业利益的独立研究者，则以1990年至2018年的13项实验研究为基准，发现吃早餐与身材并 无显著的相关性。这多出的一餐，反而使每日热量摄入平均多出了260大卡。 吃早餐有助于减肥，但这种帮助是有限的。 2018年普度大学研究员根据22项有效实验，发表与早餐减肥相关的综述结论。比如说，66%的实验指 出，吃早餐显著降低全天饥饿感。同时，也有43%的研究发现，吃早餐可显著降低餐后胃饥饿素水平。 而更多人期盼的早餐提高代谢，也在该项实验中得到解答。 ...