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Shares in the US maker of Kellogg’s Corn Flakes have soared after reports that chocolate giant Ferrero is close to buying the firm for about US$3-billion.
The Wall Street Journal and Financial Times reported that a takeover deal for WK Kellogg, which makes the Froot Loops and Rice Krispies breakfast cereals for the North American market, could come as soon as this week.
The Italian owner of the Ferrero Rocher, Kinder and TicTac brands has been expanding in recent years, buying Nestle’s confectionery business and several other food firms.
WK Kellogg’s shares surged by more than 56 per cent in extended trading in New York on Wednesday after the reports.
The deal could be worth double the firm’s 1.5 billion stock market value when ordinary trading en
English (US) ·