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.

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

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.