Kellogg (K) - Get Report is nearing a deal to sell its Keebler, Famous Amos and fruit snacks businesses to Ferrero, the owner of Nutella, for between $1 billion and $1.5 billion, CNBC reported, citing people familiar with the situation.

An announcement could be made as soon as Monday, the people told CNBC.

Ferrero beat out lead contender Hostess Brands (TWNK) - Get Report for the Kellogg cookie assets, the people said.

Kellogg said last year it was exploring a sale of the brands as it refocuses its business.

Kellogg, the maker of Corn Flakes and Apple Jacks, bought Keebler in 2001 for $4.4 billion. 

Kellogg shares were up 0.9% to $57.90 premarket trading. The stock has declined 11.7% over the past 52 weeks.

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