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

July 10 (UPI) -- Italy's Ferrero will acquire U.S. cereal maker WK Kellogg in a $ 3.1 billion deal, the companies announced Thursday. The agreement includes manufacturing, marketing and distribution of WK Kellogg's portfolio of breakfast cereals across the United States, Canada and the Caribbean.

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.