Italian Nutella producer Ferrero wants to swallow the US company WK Kellogg, known for its breakfast cereals, in a deal worth more than $3 billion. Production, marketing and distribution in North America and the Caribbean are to be transferred to the Italian company's portfolio,

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 said the deal would expand its presence in North America and help the company move beyond its candy and snack offerings.