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.

Shares in the US maker of Kellogg's Corn Flakes have soared after reports that chocolate giant Ferrero is close to buying the firm for about $3bn (£2.2bn).

The world's largest contract chip maker reported a 40% jump in January-June revenue from a year earlier.