(Reuters) -The Italian candy maker behind Ferrero Rocher and Nutella is nearing a deal to buy cereal maker WK Kellogg, a source told Reuters, an acquisition that would combine two of the world's best known consumer food makers.

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

The Italian candy maker behind Ferrero Rocher and Nutella is nearing a roughly $3 billion deal to buy the breakfast-cereal conglomerate WK Kellogg, according to people familiar with the matter. Ferrero,