Ferrero to buy WK Kellogg in $3.1 billion deal

The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant's global reach.

Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Crispies and Special K. Ferrero's brands include Nutella and Rocher chocolates. 

In a statement, the companies said the acquisition is "part of Ferrero's plan for strategic growth and expands the company's reach."