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.

Italian candy maker Ferrero has agreed to purchase U.S. cereal company WK Kellogg Co. in a $3.1 billion transaction, according to reports.

Private equity firm Cerberus Capital Management, which owns a stake in grocer Albertsons , and billionaire investor Dean Metropoulos teamed up in an unsuccessful bid for cereal maker WK Kellogg , according to three sources familiar with the matter.

WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.

Nvidia rises and pushes its market capitalization north of $4 trillion. It’s the first U.S. firm to reach and close above that level. Delta’s earnings beat analysts’ estimates.

Shares of WK Kellogg ( KLG 30.57%) charged sharply higher Thursday, surging as much as 33.7%. As of 10:40 a.m. ET, the stock was still up 33.6%. The catalyst that sent the iconic cereal maker soaring was news that the company would be taken private.

President Trump will wield 50% copper tariffs on August 1 as he promises more to come with countries such as Brazil in the crosshairs. Delta’s good news, Nvidia scores the first $4 trillion market cap milestone,