Ferrero’s $3.1bn acquisition folds Froot Loops and Frosted Flakes into its candy empire, proving breakfast and dessert are a global business.

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,