Ferrero’s $3.1bn acquisition folds Froot Loops and Frosted Flakes into its candy empire, proving breakfast and dessert are a global business.

Ferrero said the deal would expand its presence in North America and help the company move beyond its candy and snack offerings.

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,