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Kellogg Makes $550 Million Share Buyback

Friday February 17, 9:44 am ET

BATTLE CREEK, Mich. (AP) -- Kellogg Co., the nation's largest cereal maker, said Friday it agreed to pay $550 million to buy back stock from its largest shareholder, the W.K. Kellogg Foundation Trust.

Kellogg said it agreed to buy back about 12.8 million of its shares for $43.02 a piece in the privately negotiated deal, which is expected to close on Feb. 21.

The trust, which invests on behalf of the nonprofit Kellogg Foundation, has been working to diversify its assets and said this latest stock sale completes that process.

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