Shares in breakfast cereal giant WK Kellogg have soared after reports that chocolate maker Ferrero is close to buying the firm for about $3bn (£2.2bn).Ferrero could finalise the deal for the maker of Fruit Loops and Corn Flakes as soon as this week,

WK Kellogg shares skyrocketed by approximately 50% in pre-market trading following news that Italian confectionery giant Ferrero plans to acquire the American cereal manufacturer for $3.1 billion

Ferrero International has agreed to acquire WK Kellogg Co. for an enterprise value of $3.1 billion, pushing the Italian family-owned candy business further into the lucrative U.S. market.