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.

Ferrero Group plans to purchase the American company that makes Kellogg’s Corn Flakes, Froot Loops, Rice Krispies and other familiar brands.