The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.

The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant's global reach. Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Crispies and Special K. Ferrero's brands include Nutella and Rocher chocolates.

Ferrero International has agreed to acquire WK Kellogg Co. for an enterprise value of $3.1 billion, pushing the Italian family-owned candy business further into the lucrative U.S. market.