Ferrero has been targeting the U.S. for acquisitions to grow geographically and expand by category. It bought Wells Enterprises, the maker of Blue Bunny and other ice-cream brands, and before that struck a $2.8 billion deal to acquire Nestlé’s U.S. chocolate business.

Ferrero’s $3.1bn acquisition folds Froot Loops and Frosted Flakes into its candy empire, proving breakfast and dessert are a global business.

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.