WK Kellogg shares surged over 50% following reports that Italian confectionery giant Ferrero is nearing a $3 billion acquisition deal. The potential takeover of the North American cereal maker, known for brands like Fruit Loops and Rice Krispies, could be finalized this week according to Wall Street Journal and Financial Times sources. Ferrero, owner of Ferrero Rocher and Kinder brands, has been expanding through acquisitions including Nestle’s confectionery business. The deal would value WK Kellogg at twice its recent market capitalization and establish Ferrero as a major player in the US breakfast cereal market. Neither company has officially commented on the reported negotiations.