KELLANOVA K → WK Kellogg Co KLG
| Parent | KELLANOVA K |
|---|---|
| Spinco | WK Kellogg Co KLG |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 WK Kellogg share for every 4 Kellogg shares |
| Ratio note | Holders of record held Kellogg Company stock, which became Kellanova at completion. |
| Checked against EDGAR | 2026-08-22 |
Data trap
Two dates and two names. The distribution took effect at 12:01 a.m. on October 2, before the open, so October 2 is itself the first regular-way session rather than a when-issued one — the opposite of the other large 2023 separations. And the delisting has two candidate dates: trading was suspended on the merger's effective date of September 26, 2025, while formal removal from listing followed on October 7. The final price print is September 26, which is the date recorded here. The parent also renamed itself from Kellogg Company to Kellanova, though its ticker did not change.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-06-21Separation announced
- 2023-07-24Form 10 filed
- 2023-09-11Form 10 last amended
- 2023-09-12Form 10 effective
- 2023-09-21Record date
- —When-issued trading opens
- 2023-10-02Distribution
- 2023-11-08First standalone earnings
- —Index inclusion announced
Performance since separation
| WK Kellogg Co since separation, to delisting 2025-09-26 | +72.28% |
|---|---|
| KELLANOVA over the same window | +46.80% |
| S&P 500 (SPY) over the same window | +54.00% |
| Russell 2000 (IWM) over the same window | +37.47% |
| Excess over the S&P 500 | +18.28% |
| Excess over the Russell 2000 | +34.81% |
Measured from the first regular-way close on or after the distribution — 2023-10-02 at 13.35 — to 2025-09-25 at 23.00. Window: 2.0 years. WK Kellogg Co stopped trading on 2025-09-26 — acquired, taken private or wound up — so this return runs to that date, not to today. It is kept here deliberately: dropping deals that ended in an acquisition would flatter every base rate on this site, because being bought is often the best outcome a spin-off has. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | -13.57% |
|---|---|
| Combined (KELLANOVA + WK Kellogg Co), pre-distribution to now | +48.32% |
| Combined excess over the S&P 500 | -5.62% |
| Combined excess over the Russell 2000 | +12.93% |
Combined treats a pre-spin holding as 1 WK Kellogg share for every 4 Kellogg shares valued at the parent's last close before regular post-spin trading resumed — 2023-09-29 at 55.84 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2023-07-24 · 0001193125-23-192363Initial Form 10 registration statement
- 10-12B/Afiled 2023-09-11 · 0001193125-23-232025Final Form 10 amendment; Ex-99.1 information statement carries the 1-for-4 ratio, the September 21 record date and the 12:01 a.m. October 2 distribution
- 8-Kfiled 2023-10-02 · 0001193125-23-249064Completion: distribution of 100 percent effective 12:01 a.m. on October 2, 2023
- 8-Kfiled 2023-10-02 · 0001193125-23-249062Parent-side completion; confirms the Kellogg Company to Kellanova rename with the ticker remaining K
- 10-Qfiled 2023-11-08 · 0001628280-23-037822First post-separation periodic report; 85,631,304 shares distributed
- 25-NSEfiled 2025-09-26 · 0000876661-25-000707Notification of removal from listing: merger with a Ferrero subsidiary effective September 26, 2025 at 23.00 dollars cash per share; trading suspended that day
Notes
Kellogg's separation of its North American cereal business, with the remaining snacking company renaming itself Kellanova. WK Kellogg was acquired by Ferrero in September 2025 at 23 dollars a share and no longer trades, so its return here runs to the delisting rather than to today. Classified non-focus-increasing: both companies remained packaged-food makers under the same four-digit SIC.