Nutella maker Ferrero taking cereal company WK Kellogg private

Kellogg makes Fruit Loops, Special K, Frosted Flakes and Rice Krispies (Gene J Puskar/AP)

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 (£16.95) for each Kellogg share, or approximately 3.1 billion dollars (£2.3 billion).