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 International has agreed to acquire WK Kellogg Co. for an enterprise value of $3.1 billion, pushing the Italian family-owned candy business further into the lucrative U.S. market.

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,