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An American breakfast icon is about to get a sweet new owner.
WK Kellogg — the Chicago-headquartered maker of Froot Loops and Frosted Flakes — is nearing a $3 billion deal to join forces with Italian confectionery giant Ferrero, according to the Wall Street Journal.
The move would merge two food powerhouses under one roof.
Ferrero, the world’s third-largest candy company, already sells popular grocery products like Ferrero Rocher, Nutella, Keebler, and Butterfinger.
The chocolatier has been on an acquisition spree since 2018. At the time, the Italian company bought multiple chocolate brands from Nestlé.
Meanwhile, Kellogg’s is America’s second-best selling cereal brand — but it has seen stronger days.
The American cereal company’s May earnings report had some stinging numbers, including a 6.2 percent decline in sales.
Kellogg’s made $663 million in the quarter compared to $707 million in the same three-month period in 2024.
Kellogg’s, the company behind Froot Loops cereals, is nearing a $3 billion deal with an Italian candymaker
‘We saw consumers continue to focus on health and nutrition,’ Gary Pilnick, the company’s CEO, said.
‘We believe our portfolio is well positioned to meet the needs of our consumers, and we are taking further actions to accelerate our plans in this area.’
Shares of Kellogg’s spiked in after-hours trading following the news.
The cereal-maker’s stock price jumped over 48 percent in the minutes after the reports.
WK Kellogg and Ferrero did not immediately respond to DailyMail.com’s request for comment.
