Ferrero nears deal for Nestle’s US candy operations

MILAN (AFP) – Italy’s Ferrero is closing in on a $2.8-billion deal for Nestle’s US confectionary business, Bloomberg said Wednesday, amid signs a deal could be completed by Sunday.

Nestle USA registered sales of some 900 million Swiss francs (900 million) in 2016, in a market worth an overall $8 billion, according to Ibis World – equivalent to around a fifth of the global market.

The firms declined to comment on the deal.