Italy's Ferrero has continued its U.S. spending spree with its proposed acquisition of famous cereal maker WK Kellogg amid wider food manufacturer consolidation.

The Italian candy company Ferrero plans to buy the American cereal maker Kellogg for $3.1 billion, the companies announced Thursday. The deal would unite the makers of household brands including Nutella and Frosted Flakes. American cereal giant Kellogg and Italian candy giant Ferrero have struck a sweet deal worth $3.1 billion.

The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant's global reach. Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Krispies and Special K. Ferrero's brands include Nutella and Rocher chocolates.

Italian candy maker Ferrero has agreed to purchase U.S. cereal company WK Kellogg Co. in a $3.1 billion transaction, according to reports.

The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.

Boxes of various Kellogg’s cereals are displayed on shelves at a Walmart Supercenter on May 6, 2025 in Austin, Texas.

The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth around $3.1 billion, uniting two of the world's most recognizable consumer brands to weather a tough spending backdrop marked by persistent inflation.

Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion. The Ferrero Group said Thursday it will pay $23 for each Kellogg share.

Budanov, alongside his deputy Major General Vadym Skibitskyi, Commander-in-Chief of the Armed Forces General Oleksandr Syrskyi, Chief of the General Staff Major General Andriy Hnatov, and other intelligence community representatives,