Kellogg's says tax clampdown will harm profits

Warning from Corn Flakes maker comes amid international pressure to close tax loopholes

Kellogg's has warned that its profits could be hurt by the international drive against tax avoidance, which is targeting structures that benefit multinationals.

The US-based maker of Corn Flakes, Rice Krispies and Coco Pops is worried that attempts to close tax loopholes would lead to a "material" increase in its income tax bill.