Ferrero, the European confectionery giant behind Nutella and Ferrero Rocher, is set to acquire WK Kellogg Co., the maker of classic American cereals, according to a press release issued Thursday.

"Ferrero reaches for the cereal bowl" was originally created and published by Just Food, a GlobalData owned brand.

Ferrero said the deal would expand its presence in North America and help the company move beyond its candy and snack ...

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Ferrero is set to acquire KLG for $3.1B in cash, marking its North America expansion and entry into the cereal market.