Nutella maker Ferrero plans to buy WK Kellogg for $3 billion
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WK Kellogg and Ferrero did not immediately respond to BBC requests for comment. WK Kellogg's shares surged by more than 56% in extended trading in New York on Wednesday after the reports. The deal could be worth double the firm's $1.5bn stock market value when ordinary trading ended.
The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion. The acquisition is set to bring the publicly traded maker of Froot Loops,
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The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.