Italy's Ferrero has continued its U.S. spending spree with its proposed acquisition of famous cereal maker WK Kellogg amid wider food manufacturer consolidation.

Ferrero has once again used M&A to expand into another part of the store – but will it pay off? After The Wall Street Journal and Reuters reported on Wednesday (9 July) Ferrero was nearing an agreement to buy WK Kellogg Co,

In one of the most significant acquisitions in the food industry, Italian food giant Ferrero has acquired American cereal giant Kellogg's for $3.1 billion (£2.3 billion), making popular food brands such as Kellogg's Frosted Flakes,