Italian confectioner Ferrero, known for brands such as Nutella and Kinder, is buying the century-old US cereal company WK Kellogg in an effort to expand its North American sales. The Ferrero Group said it will pay 23 dollars (£16.

Kellogg Company, the maker of Frosted Flakes, Rice Krispies and Eggo, will split into three companies focused on cereals, snacks and plant-based foods.