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

Ferrero International has agreed to acquire WK Kellogg Co. for an enterprise value of $3.1 billion, pushing the Italian family-owned candy business further into the lucrative U.S. market.

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.