What’s “Froot Loops” in Italian?The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion.The acquisition is set to bring the publicly traded maker of Froot Loops,

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

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.

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

Michigan's WK Kellogg Co., the cereal giant, is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal, the Wall Street Journal reported Wednesday. A deal with parent Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized as soon as this week, according to reports.

Candy giant and chocolate maker, Ferrero, agreed to buy the WK Kellogg cereal empire on July 9 in a deal that equated it and its 19 brands at $3.1 billion.

General Mills and Hormel teamed up to release Cinnamon Toast Crunch-flavored bacon last fall, a sweet-and-savory first for the Minnesota companies. Now the brand-boosting fun has mutated into another bacon-y creation. The newest mashup between the food giants flips the formula, imbuing smoky bacon flavors into bags of Cinnamon Toast Crunch.

This deal continues Ferrero's track record of acquiring and growing well-known brands to strengthen its North American presence.