An American breakfast icon is about to get a sweet new owner.
Kellogg’s — the Chicago-headquartered maker of Froot Loops and Frosted Flakes — is nearing a $3 billion deal to join forces with Italian confectionery giant Ferrero, according to the Wall Street Journal.
The move would merge two food powerhouses under one roof.
Ferrero, the world’s third-largest candy company, already sells popular grocery products like Ferrero Rocher, Nutella, Keebler, and Butterfinger.
Meanwhile, Kellogg’s is America’s second-best selling cereal brand.
The American cereal company recently reported some stinging earnings. In May, the company said it saw a 6.2 percent decline in sales across its portfolio of grocery goods.
‘We saw consumers continue to focus on health and nutrition,’ Gary Pilnick, the company’s CEO, said.
‘We believe our portfolio is well positioned to meet the needs of our consumers, and we are taking further actions to accelerate our plans in this area.’
Shares of Kellogg’s spiked in after-hours trading following the news.
The cereal-maker’s stock price jumped over 48 percent in the minutes after the reports.
Kellogg’s and Ferrero didn’t immediately respond to DailyMail.com’s request for comment.
