Business reporters, BBC News
Getty ImagesItalian chocolate giant Ferrero is taking over one of America’s oldest breakfast cereal companies, buying the maker of Kellogg’s Corn Flakes for $3.1bn (£2.3bn).
Ferrero said it planned to invest and expand WK Kellogg’s “iconic” brands, which include Froot Loops and Rice Krispies.
The private, family-owned Ferrero has been pushing to expand in recent years, buying Nestle’s confectionery business and several other food firms.
But with its latest deal it is taking on a portfolio facing challenges, as rising prices and health concerns erode the popularity of boxed cereals.
Founded in 1946, Ferrero is one of the world’s biggest players in the chocolate market, with more than 30 brands sold globally. Those include Nutella, Kinder, TicTac and other confectionery, such as Jelly Belly and Trolli.
The new acquisition will give the firm, which already has more than 14,000 staff…
