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Key Takeaways
- Frosted Flakes is nearing a deal to be acquired by Italian chocolate maker Ferrero for roughly $3 billion, The Wall Street Journal reported Wednesday.
- The companies could finalize the transaction as soon as this week, the report said.
- WK Kellogg owns Corn Flakes, Frosted Flakes, Froot Loops, and other cereal brands.
Shares of Frosted Flakes maker WK Kellogg (KLG) surged nearly 50% in extended trading Wednesday following a report the company could soon be acquired by Italian sweets seller Ferrero.
The two companies could finalize a deal worth roughly $3 billion as soon as this week, The Wall Street Journal reported.
Neither WK Kellogg nor Ferrero responded to an Investopedia request for comment in time for publication.
WK Kellogg owns Corn Flakes, Frosted Flakes, Froot Loops, and other cereal brands. It was formed in October 2023 after Kellogg split into WK Kellogg and Kellanova (K), which owns snack brands including Pringles and Pop-Tarts, among other products.
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