Ferrero has been targeting the U.S. for acquisitions to grow geographically and expand by category. It bought Wells Enterprises, the maker of Blue Bunny and other ice-cream brands, and before that struck a $2.8 billion deal to acquire Nestlé’s U.S. chocolate business.

Ferrero’s $3.1bn acquisition folds Froot Loops and Frosted Flakes into its candy empire, proving breakfast and dessert are a global business.