NEW YORK: The Italian candy maker behind Ferrero Rocher and Nutella is nearing a deal to buy cereal maker WK Kellogg, an acquisition that would combine two of the world’s best known consumer food makers.
Shares of WK Kellogg – the company behind Froot Loops and Frosted Flakes –surged about 55% in extended trading, after the Wall Street Journal reported that Ferrero could finalise the roughly US$3bil deal as soon as this week.
