Ferrero Rocher owner to buy cereal giant WK Kellogg in $3.1bn deal

Deal brings legacy brands such as Nutella, Kinder, Tic Tac, Frosted Flakes, Froot Loops and Special K under one roof

WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth about $3.1bn, as the cereal maker has been struggling with weakening consumer demand due to persistently high inflation.

Deal making in the snacking space has picked up pace as food brands battle muted sales in the wake of price hikes owing to higher input costs and a shift in consumer preference for healthier options.