Cereal maker WK Kellogg shares jump 50% on report of possible $3 billion deal with Ferrero

Shares of WK Kellogg soared more than 50% on Wednesday following a report that chocolate maker Ferrero is close to a roughly $3 billion deal to buy the cereal company.

The Italian company known for its circular hazelnut chocolates could finalize a deal for the legacy breakfast foods business as soon as this week, the Wall Street Journal reported, citing people familiar with the matter.

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