WK Kellogg, the Battle Creek-based maker of cereals, agreed to the sale as the company has struggled with weakening consumer demand due to inflation.

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

WK Kellogg is Ferrero’s most substantial acquisition so far, with a market cap of roughly $1.5 billion and a portfolio of household-name cereals including Raisin Bran, Corn Flakes and Apple Jacks. Ferrero also bought Nestlé’s US business and Blue Bunny ice cream in recent years.