The Italian candy maker behind Ferrero Rocher and Nutella is nearing a roughly $3 billion deal to buy the breakfast-cereal conglomerate WK Kellogg, according to people familiar with the matter. Ferrero,

Ferrero Group is buying WK Kellogg Co. for roughly $3 billion. The deal will see the parent company of several candy bar and snack brands add a collection of well-known breakfast cereals to its holdings,

WK Kellogg, the maker of iconic American cereal brands, will be folded into the privately held owner of Nutella and Tic Tacs in a $3.1 billion deal.