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CNBC reports:

Kellogg announced Tuesday that it plans to separate into three independent public companies, sectioning off its iconic brands into distinct snacking, cereal and plant-based companies.

Shares of the company rose 8% in premarket trading on the news.

“These businesses all have significant standalone potential, and an enhanced focus will enable them to better direct their resources toward their distinct strategic priorities,” CEO Steve Cahillane said in a statement.

The company said it would also explore other strategic alternatives, including a potential sale, for ...

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