Kellogg's stock surged over 50% in after-hours trading following reports that Ferrero is on the verge of acquiring the company for approximately $3 billion. The Wall Street Journal and Financial Times reported that a deal could be finalized this week. Ferrero, known for brands like Nutella and Kinder, has been actively expanding its food portfolio. Neither company has yet commented on the reports.

Prepared by Christopher Adams and reviewed by editorial team.