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%.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.