Ferrero, the European confectionery giant behind Nutella and Ferrero Rocher, is set to acquire WK Kellogg Co ., the maker of Froot Loops and other classic American cereals, in a $3.1 billion deal, according to a press release issued Thursday.

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.

Ferrero, the Italian candy company behind Ferrero Rocher and Nutella, is nearing a deal to buy WK Kellogg, the Wall Street Journal reported Wednesday.