The Italian food giant Ferrero is expanding its North American portfolio by acquiring WK Kellogg, known for iconic brands like Froot Loops, Rice Krispies and Corn Flakes. Ferrero, known for brands like Nutella and Kinder, announced it will buy WK Kellogg’s for $23 a share, representing a total enterprise value of $3.1 billion.

Ree Drummond's recipe for corn and zucchini pasta is made with shells, fresh corn on the cob, and a cheese sauce with parmesan and boursin for a quick dinner.

U.S. sales of the colorfully packaged morning staple have been in a decades-long decline, a trend back in the spotlight with news that Italian confectioner Ferrero Group plans to purchase WK Kellogg, maker of Corn Flakes, Froot Loops, Rice Krispies and other familiar brands.

In one of the most significant acquisitions in the food industry, Italian food giant Ferrero has acquired American cereal giant Kellogg's for $3.1 billion (£2.3 billion), making popular food brands such as Kellogg's Frosted Flakes,

WK Kellogg Co’s headquarters is in Battle Creek. After the transaction closes, Battle Creek will remain a core location for the company and will be Ferrero’s headquarters for North America cereal, a news release from WK Kellogg states.

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 creator of a number of breakfast-table staples is getting a new owner as Ferrero Group and WK Kellogg Co. have announced a deal that will see Kellogg folded into the corporate parent of such brands as Nutella, Tic Tac, Butterfinger, Baby Ruth, Famous Amos, and Bomb Pop.

Kellogg, the maker of such brands as Frosted Flakes, Froot Loops, Rice Krispies and Raisin Bran, began business in 1906 as the Battle Creek Toasted Corn Flake Co., before becoming Kellogg Toasted Corn Flake Co. in 1909.

The Australian sharemarket dipped on Friday morning, as increases in mining shares were offset by falls among the banks and consumer stocks.

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,