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.

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

The Italian candy company Ferrero plans to buy the American cereal maker Kellogg for $3.1 billion, the companies announced Thursday. The deal would unite the makers of household brands including Nutella and Frosted Flakes. American cereal giant Kellogg and Italian candy giant Ferrero have struck a sweet deal worth $3.1 billion.