Ferrero to buy cereal maker WK Kellogg for $3.1 billion
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The deal brings candy and cereal together under one roof as European chocolate giant Ferrero expands its US footprint.
The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.
Shares of WK Kellogg soared following a report by The Wall Street Journal that Italian candy maker Ferrero is nearing a $3 billion deal to buy the cereal conglomerate. WK Kellogg stock was up 52%, at $26.53, after hours. Shares closed the market down slightly year-to-date.