ANN DURBIN Breakfast cereal could use a lucky charm. U.S. sales of the colorfully packaged morning staple have been in a decades-long decline, a trend back in the spotlight with news that

The Italian food giant Ferrero is expanding its North American portfolio by acquiring WK Kellogg, known for iconic brands like Froot Loops, Rice Krispies and Corn Flakes. Ferrero, known for brands like Nutella and Kinder, announced it will buy WK Kellogg’s for $23 a share, representing a total enterprise value of $3.1 billion.

WK Kellogg Co’s headquarters is in Battle Creek. After the transaction closes, Battle Creek will remain a core location for the company and will be Ferrero’s headquarters for North America cereal, a news release from WK Kellogg states.

In one of the most significant acquisitions in the food industry, Italian food giant Ferrero has acquired American cereal giant Kellogg's for $3.1 billion (£2.3 billion), making popular food brands such as Kellogg's Frosted Flakes,

The creator of a number of breakfast-table staples is getting a new owner as Ferrero Group and WK Kellogg Co. have announced a deal that will see Kellogg folded into the corporate parent of such brands as Nutella, Tic Tac, Butterfinger, Baby Ruth, Famous Amos, and Bomb Pop.

Kellogg, the maker of such brands as Frosted Flakes, Froot Loops, Rice Krispies and Raisin Bran, began business in 1906 as the Battle Creek Toasted Corn Flake Co., before becoming Kellogg Toasted Corn Flake Co. in 1909.

The Ferrero Group said Thursday it will pay $23 for each Kellogg share, or approximately $3.1 billion. The transaction includes WK Kellogg Co.’s six manufacturing plants, and the marketing and distribution of its breakfast cereals across the United States, Canada and the Caribbean.

The Australian sharemarket dipped on Friday morning, as increases in mining shares were offset by falls among the banks and consumer stocks.

The deal values cereal maker WK Kellogg at $23 a share, a 30% premium to its closing price on Wednesday. WK Kellogg Co., the maker of Corn Flakes, Froot Loops and other iconic cereals, agreed ...

The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion. The acquisition is set to bring the publicly traded maker of Froot Loops,