Shares of WK Kellogg, the cereal maker behind Froot Loops and Frosted Flakes, skyrocketed as high as 50% after the Wall Street Journal reported Wednesday that Ferrero was nearing acquiring the company for $3 billion.

Ferrero, the European confectionery giant behind Nutella and Ferrero Rocher, is set to acquire WK Kellogg Co ., the maker of Froot Loops and other classic American cereals, in a $3.1 billion deal, according to a press release issued Thursday.

WK Kellogg's shares surged nearly 50% before the bell on Thursday after Reuters reported that Italian candy maker behind Ferrero Rocher is close to buying the cereal maker, uniting two of the world's most recognizable consumer food companies.