W hen Italian candy and food giant Ferrero announced it would acquire WK Kellogg — the cereal maker behind Froot Loops and Corn Flakes—for $3.1 billion on Thursday, it wasn’t just one of the ...

Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old U.S. cereal company WK Kellogg in an effort to expand its North American sales.