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.

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.