Michigan's WK Kellogg Co., the cereal giant, is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal, the Wall Street Journal reported Wednesday. A deal with parent Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized as soon as this week, according to reports.

The deal, which still needs approval from WK Kellogg Co.’s shareholders, is expected to close in the second half of the year.

Ferrero Group to acquire WK Kellogg Co. for $3.1 billion, including manufacturing plants and distribution network.