Michigan's WK Kellogg Co., the cereal giant, is set to be acquired by the Italian candymaker behind Ferrero Rocher in a nearly $3 billion deal, the Wall Street Journal reported Wednesday. A deal with parent Ferrero SpA, the maker of Butterfinger candy bars and Nutella hazelnut spread, could be finalized as soon as this week, according to reports.

The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.

Ferrero, the maker of Nutella, announces a $3.1 billion deal to acquire century-old cereal company WK Kellogg, expanding its North American breakfast and snack portfolio.