In yet another instance of foreign companies buying out American manufacturers, a candy giant has just initiated the purchase of Kellogg Cereal.

Candy giant and chocolate maker, Ferrero, agreed to buy the WK Kellogg cereal empire on July 9 in a deal that equated it and its 19 brands at $3.1 billion.

The Italian candy company Ferrero plans to buy the American cereal maker Kellogg for $3.1 billion, the companies announced Thursday. The deal would unite the makers of household brands including Nutella and Frosted Flakes. American cereal giant Kellogg and Italian candy giant Ferrero have struck a sweet deal worth $3.1 billion.