Breakfast cereal could use a lucky charm. 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,

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.

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

U.S. special envoy Keith Kellogg was welcomed at Kyiv's railway station by Andrii Yermak, the head of Ukraine's presidential office.

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

Private equity firm Cerberus Capital Management, which owns a stake in grocer Albertsons , and billionaire investor Dean Metropoulos teamed up in an unsuccessful bid for cereal maker WK Kellogg , according to three sources familiar with the matter.

Manufacturers have been hard-hit by the changing tastes of consumers, who now seek more low-sugar, portable options for breakfast.

The head of Ukrainian intelligence, Kyrylo Budanov, took part in a briefing for US special envoy Keith Kellogg, according to the Defense Intelligence of Ukraine. Chief of the DIU Kyrylo Budanov attended the briefing,