Froot Loops Maker WK Kellogg Soars 50% After Reports Italy's Ferrero Nearing Buyout

WK Kellogg's shares surged nearly 50% before the bell on Thursday after Reuters reported that Italian candy maker behind Ferrero Rocher is close to buying the cereal maker, uniting two of the world's most recognizable consumer food companies.

Shares of the Michigan-based company hit $26.10, their highest since the maker of Fruit Loops and Frosted Flakes was spun off in 2023.

Ferrero could finalize the roughly $3 billion deal as soon as this week...

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