The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.

Kellogg’s, famous for making Frosted Flakes and Froot Loops, has struck a deal to be being for $3.1 billion by the Ferrero Group, which owns Nutella and Kinder.

Nutella maker Ferrero Group is buying cereal giant WK Kellogg Co in a $3.1 billion deal.

Nutella with your Corn Flakes? This cereal giant's stock rallies on a $3 billion deal. Provided by Dow Jones Jul 10, 2025, 6:35:00 AM

General Mills and Hormel teamed up to release Cinnamon Toast Crunch-flavored bacon last fall, a sweet-and-savory first for the Minnesota companies. Now the brand-boosting fun has mutated into another bacon-y creation. The newest mashup between the food giants flips the formula, imbuing smoky bacon flavors into bags of Cinnamon Toast Crunch.

The Ferrero Group has agreed to acquire WK Kellogg Co for $23 per share in cash, for a total enterprise value of $3.1 billion, WK Kellogg said in a news release. RELATED: Kellogg’s reportedly set to sell 119-year-old cereal company in $3B deal