It wasn't an April Fools Day joke when Kellogg's announced on Monday that they were getting out of the cookie business. According to a report from CNBC, Kellogg's is reportedly planning to sell their Keebler, Famous Amos and fruit snacks businesses to Ferrero for approximately $1.3 billion.

The plan is part of an overall goal for Kellogg's to place more focus on some of their other products like Pringles, Cheez-Its, and Rice Krispies Treats. (Snap, crackle, pop.) The deal is expected to be completed sometime later this year, with reports indicating that it could be done sometime in July. Click here to read more about the Kellogg's and Ferrero deal.


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