Ferrero, Kellogg, and the Return of the Breakup-Merger Cycle

Emilie Feldman, Wharton professor of management, explores how recent M&A activity — such as Ferrero’s acquisition of WK Kellogg — reflects a recurring trend where companies separate high-and low-growth assets only to later reintegrate them, drawing parallels to past moves by Kraft, Heinz, and other consumer goods giants.