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.

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

Italian confectioner Ferrero, known for brands like Nutella and Kinder, is buying U.S. cereal company WK Kellogg in a deal valued at approximately $3.1 billion.