LUXEMBOURG and BATTLE CREEK, Mich. — The Ferrero Group will acquire WK Kellogg Co for a total enterprise value of $3.1 billion, or $23 per share in cash. This includes the manufacturing, marketing and distribution of WK Kellogg Co's portfolio of breakfast cereals across the United States, Canada and the Caribbean.

The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.

Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.