Surge in After-Hours Trading

In a dramatic turn of events, WK Kellogg Co. witnessed its shares skyrocket by more than 50% in after-hours trading this Wednesday. This surge came on the heels of an exclusive report by the Wall Street Journal, revealing that the cereal giant is in advanced discussions to be acquired by Ferrero, the renowned Italian chocolate maker.

A Transatlantic Food Powerhouse

The potential $3 billion deal could mark a significant milestone in the consumer food industry, bringing together two iconic brands from opposite sides of the Atlantic. Sources suggest that Ferrero is poised to finalize the agreement by the end of this week, a move that could reshape the competitive landscape of the global food market.

Market Reaction and Company Valuation

Despite a 2% decline in WK Kellogg's shares earlier this year, the company's market value stands at approximately $1.5 billion. However, the after-hours trading saw a remarkable turnaround, with shares jumping 48.69% to $17.50 at 4:56 pm ET, signaling strong investor confidence in the proposed acquisition.