Ferrero, the Nutella maker, is acquiring Kellogg's North American cereal business for $3.1 billion. This deal unites two iconic global brands and reflects Kellogg's recent sales decline and shifting consumer preferences towards healthier options and store brands. The acquisition will be reviewed by Kellogg shareholders and regulators. Ferrero's expansion into the American market continues with this purchase, adding to its recent acquisitions of ice cream brands and Nestle's chocolate business.

Prepared by Christopher Adams and reviewed by editorial team.