Ferrero nears deal for Nestle’s US candy operations

MILAN

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 (828 million euros/$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. The acquisition would see Ferrero become the third-largest sweets producer in the United States behind Hershey and Mars.