Ferrero in Talks to Acquire WK Kellogg Co. for $3 Billion, Stock Surges Over 50% in After-Hours

Ferrero is close to acquiring WK Kellogg Co. for around $3 billion. The company’s stock surged over 50% in after-hours trading. WK Kellogg’s market cap was $1.5 billion as of Wednesday. Cereal sales have been declining, with WK Kellogg’s dollar sales dropping 5.7% in four weeks ending June 29. CEO Gary Pilnick mentioned shifting towards value and health for consumers. WK Kellogg did not comment on the acquisition.

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