Italian confectionery giant Ferrero is acquiring the U.S. cereal company WK Kellogg for approximately $3.1 billion. The deal includes Kellogg's six manufacturing plants and its distribution network across North America. This acquisition marks Ferrero's continued expansion into the North American market and diversifies its product portfolio beyond sweets and snacks. Kellogg's cereal sales have been declining, prompting the sale. The deal is expected to close in the second half of the year, pending shareholder approval.

Prepared by Christopher Adams and reviewed by editorial team.