WK Kellogg Shares Soar Amid Report Of $3 Billion Ferrero Deal

(RTTNews) - Shares of WK Kellogg Co (KLG) surged following a report from The Wall Street Journal that Italian confectionery giant Ferrero is close to acquiring the breakfast cereal maker in a deal valued at approximately $3 billion.

According to the report, the agreement could be finalized as early as this week, pending any last-minute complications. The deal would mark a significant expansion for Ferrero, the family-owned company known for brands like Nutella and Ferrero Rocher, into the U.S. breakfast foods market.

WK Kellogg, the maker of iconic cereals such as Froot Loops and Frosted Flakes, became an independent company in 2023 after spinning off from Kellogg Co.

KLG closed Wednesday's regular trading at $17.50 up $0.59 or 3.49%. In the after-hours trading, the stock further gained $10.00 or 57.14%.