U.S. sales of the colorfully packaged morning staple have been in a decades-long decline, a trend back in the spotlight with news that Italian confectioner Ferrero Group plans to purchase WK Kellogg, maker of Corn Flakes, Froot Loops, Rice Krispies and other familiar brands.

An Italian candy company is looking to buy the breakfast cereal maker WK Kellogg in a business deal that would cost roughly $3 billion. Ferraro Group, which makes the little hazelnut candies Ferraro Rocher, as well as Nutella products, is in discussions to purchase the maker of such familiar cereals as Rice Krispies, Frosted Flakes and Fruit Loops.