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Investing.com -- WK Kellogg (NYSE:KLG) stock soared 45% in after-hours trading Wednesday following reports that Italian confectionery giant Ferrero is nearing a deal to acquire the cereal maker for approximately $3 billion.
The Wall Street Journal reported that Ferrero, the family-owned company behind Nutella and Ferrero Rocher chocolates, could finalize the acquisition as early as this week, citing people familiar with the matter. The potential deal would combine two iconic food manufacturers from different sides of the Atlantic.
WK Kellogg, which manufactures popular breakfast cereals including Froot Loops, Frosted Flakes, and Rice Krispies, currently has a market capitalization of approximately $1.5 billion and carries over $500 million in debt. The reported acquisition price represents a significant premium to the company’s current market value.