The Italian candy maker behind Ferrero Rocher and Nutella is nearing a deal to buy cereal maker WK Kellogg, a source told Reuters, an acquisition that would combine two of the world's best known consumer food makers.
Shares of WK Kellogg — the company behind Froot Loops and Frosted Flakes — surged about 55% in extended trading, after the Wall Street Journal on Wednesday reported that Ferrero could finalize the roughly $3 billion deal as soon as this week. WK Kellogg currently has a market value of about $1.5 billion.
