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Ferrero nears about $3 billion deal for WK Kellogg, WSJ reports

Ferrero nears about $3 billion deal for WK Kellogg, WSJ reports

Reuters15 hours ago
July 9 (Reuters) - The Italian candy maker behind Ferrero Rocher is nearing an about $3 billion deal to buy WK Kellogg (KLG.N), opens new tab, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Shares of WK Kellogg, the company behind Froot Loops and Frosted Flakes, surged about 51% after the bell.
Ferrero could finalize the deal as soon as this week, the report, opens new tab said.
The companies did not immediately respond to Reuters' requests for comment.
WK Kellogg was formed after Kellogg spun off its North American cereal business into a separate publicly traded company about two years ago. The remaining global snacking business is called Kellanova (K.N), opens new tab.
In June, Snickers owner Mars' $36 billion takeover deal for Kellanova received the U.S. antitrust approval.
Both WK Kellogg and Kellanova have been grappling with tepid demand amid challenging market conditions.
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British biofuel factory undercut by US rivals faces closure
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European shares rise on optimism over US-EU trade talks
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European shares rise on optimism over US-EU trade talks

July 10 (Reuters) - European shares rose on Thursday, buoyed by signs of progress on a potential trade deal between the United States and the European Union. The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.6% at 553.14 points, as of 0850 GMT. The UK's FTSE 100 (.FTSE), opens new tab touched a fresh record high and was last up 1.1%. Germany's DAX (.GDAX), opens new tab also hit a record high and was last up 0.2%. The index is outperforming the STOXX 600 year-to-date so far. France's CAC 40 (.FCHI), opens new tab rose 0.7%, while Spain's IBEX (.IBEX), opens new tablost 0.6%. European Commission President Ursula von der Leyen said the EU is working "non-stop" to reach a low-tariff trade agreement with the U.S. EU trade chief Maros Sefcovic said on Wednesday that good progress has been made on a framework trade agreement, and a deal may be possible within days. The negotiators are also discussing potential measures to protect the EU auto industry, according to officials and auto industry sources. Some European carmakers edged higher, with Mercedes-Benz ( opens new tab up 1.1%. Porsche (P911_p.DE), opens new tab and Volkswagen gained 1.2% each. "The markets are reacting incredibly positively to it (EU-U.S. trade deal). We are in danger of considering it a done deal, there's a lot of work still to be U.S. can shift the goal posts a little bit", said Nick Saunders, CEO of stock trading platform Webull UK. U.S. President Donald Trump also announced a new 50% tariff on copper imports and a 50% duty on goods from Brazil on Wednesday, both effective August 1. Trump issued new tariff letters for seven minor trading partners, adding to 14 others issued earlier in the week. European mining stocks (.SXPP), opens new tab rose about 4%, leading gains on the benchmark, while healthcare (.SXDP), opens new tab gained 1%. Miners Rio Tinto (RIO.L), opens new tab jumped 4.5% and Anglo American (AAL.L), opens new tab rose 5.3% after falling in the previous session. Webull's Saunders said that gains in copper miners drove the FTSE 100 higher. Among individual stocks, Barry Callebaut (BARN.S), opens new tab fell 14.5% to the bottom of the STOXX 600 index after the Swiss chocolate maker cut its volume outlook for the third time this year. Kemira ( opens new tab tumbled 4.4% after the Finnish chemical company posted weaker-than expected preliminary second-quarter results and lowered its 2025 outlook. In contrast, Aalberts ( opens new tab rose 4.4% after the Dutch industrial group agreed to acquire Grand Venture Technology ( opens new tab. Investors are now bracing for the second-quarter earnings season to assess how companies are navigating trade volatility.

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