WK Kellogg Co KLG shares are hovering in Wednesday’s after-hours session following a report that Ferrero is nearing a deal to accumulate the corporate.
What To Know: Household-owned Italian sweet firm Ferrero is closing in on a deal to accumulate cereal maker WK Kellogg for roughly $3 billion, based on a Wall Avenue Journal report.
Folks conversant in the matter reportedly stated a deal might be accomplished as quickly as this week.
Ferraro continues to focus on U.S. manufacturers for potential acquisitions. The corporate beforehand purchased Wells Enterprises, the proprietor of a number of ice-cream manufacturers together with Blue Bunny, and bought Nestlé’s chocolate enterprise within the U.S.
WK Kellogg was fashioned as a part of a spin-off from Kellogg in 2023. The opposite a part of Kellogg’s snacking enterprise was acquired by Mars for roughly $36 billion.
WK Kellogg shares have struggled to seek out any momentum this 12 months after income estimates fell wanting estimates within the prior two quarters.
Final quarter, WK Kellogg missed analyst estimates on the highest and backside strains and lowered its full-year progress steering citing weaker-than-expected consumption traits. The corporate famous that its revised outlook additionally included a modest affect from tariffs.
KLG Worth Motion: WK Kellogg shares had been up 49.9% in after-hours Wednesday, buying and selling at $26.23 on the time of publication, based on Benzinga Professional.
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