Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.

The Italian candy maker behind Ferrero Rocher and Nutella is nearing a deal to buy cereal maker WK Kellogg , a source told Reuters, an acquisition that would combine two of the world's best known consumer food makers.

Ferrero, the Italian candy company behind Ferrero Rocher and Nutella, agreed to a deal to buy WK Kellogg, according to a press release issued Thursday morning.