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Ferrero, the Italian chocolate maker, is reportedly nearing a $3 billion deal to acquire Kellogg's cereal company, WK Kellogg. The deal could close this week, sending WK Kellogg's shares soaring over 50%. This acquisition follows Kellanova, which includes brands like Pringles and Cheez-It, being acquired by Mars for $36 billion. The purchase reflects Ferrero's expansion into the US market and comes amidst declining cereal sales due to health concerns and increased private label competition.

Prepared by Christopher Adams and reviewed by editorial team.