Italian confectionery company Ferrero, known for its popular products like Nutella and Ferrero Rocher, has confirmed the acquisition of WK Kellogg, the iconic maker of Froot Loops and Frosted Flakes, in a deal valued at approximately $3.1 billion. Following the announcement, shares of WK Kellogg surged by 30%, witnessing a significant rally. This merger marks a notable consolidation within the food industry, blending candy and cereal under one roof as Ferrero aims to enhance its portfolio. Analysts have responded positively, with raised stock targets for Kellogg amidst the buyout talks.