Kellogg’s to split into three separate food businesses

while spinning off the North American cereal brands with which the maker of Corn Flakes began and a smaller business selling plant-based foods.

“We believe the agility and the focus will help the business operate in a tumultuous time.”

Shares in the US group were up by 3.5 per cent in early trading as it detailed the tax-free spin-offs

which come against the backdrop of rising input costs

Steve Cahillane, Kellogg’s chair and chief executive, acknowledged that

Cahillane said he had felt no pressure from investors to launch one of the biggest break-up plans

industry has seen in recent years, but believed the strategy would “unlock the full potential of our businesses.”

Ministers are also due to decide whether to intervene in a £400m project to redevelop ITV’s former South Bank studios.