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How Will Kellogg (K) Stock React to Parati Deal?

NEW YORK (TheStreet) -- Shares of Kellogg (K) were flat in pre-market trading on Thursday as the Battle Creek, MI-based company agreed to purchase Brazilian food manufacturer Parati for $429 million in cash.

Parati makes biscuits, powdered beverage and pasta products, Kellogg said.

To preserve financial flexibility, Kellogg said its reducing its 2016 share repurchase program to be in the range of $450 million to $550 million, down from its prior range of $700 million to $750 million.

The food company has made...