Private equity firm Cerberus Capital Management, which owns a stake in grocer Albertsons , and billionaire investor Dean Metropoulos teamed up in an unsuccessful bid for cereal maker WK Kellogg , according to three sources familiar with the matter.

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.

Italian candy maker Ferrero has agreed to purchase U.S. cereal company WK Kellogg Co. in a $3.1 billion transaction, according to reports.

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

Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.

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.

Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying the century-old US cereal company.

WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth around $3.1 billion, uniting two of the world's most recognizable consumer brands to weather a tough spending backdrop marked by persistent inflation.

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WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.