Ferrero will acquire WK Kellogg in a $3.1B deal, adding top cereal brands like Frosted Flakes and Special K to its growing portfolio.

Ferrero said the deal would expand its presence in North America and help the company move beyond its candy and snack offerings.

In one of the most significant acquisitions in the food industry, Italian food giant Ferrero has acquired American cereal giant Kellogg's for $3.1 billion (£2.3 billion), making popular food brands such as Kellogg's Frosted Flakes,

Officials are welcoming an Italian sweets company to town as it finalizes a mega deal to buy an iconic Michigan company that helped redefine breakfast. Ferrero Group — the makers of Ferrero Rocher, Nutella and a slew of other tasty treats — is set to buy Battle Creek-based WK Kellogg Co,