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,

The Italian candy company Ferrero plans to buy the American cereal maker Kellogg for $3.1 billion, the companies announced Thursday.

The Italian candy maker behind Ferrero Rocher is close to buying the cereal conglomerate for about $3 billion, The Wall Street Journal reported.