New York-based activist hedge fund TOMS Capital Investment Management has taken an undisclosed "significant" stake in Kellanova, a US multinational food manufacturing company formerly known as Kellogg Company with a market valuation of $21bn, according to a report by Reuters.
Kellanova's products include the Kellogg’s international cereal division as well as brands including Pop-Tarts, Rice Krispies, Pringles, Eggo, Frosties and Coco Pops. Its current form is the result of a company split last October, wherein the other company, WK Kellogg Co, took ownership of the North American cereal division.
The company’s stock price rose around 7% in early trading on Thursday, closing at the end of the day at $61.18.
TOMS, which was founded in 2017 and is owned by Noam Gottesman and Benjamin Pass, has previously pushed for changes at American multinational consumer products company Colgate-Palmolive.
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