Private equity firm Cerberus Capital Management, which owns a stake in grocer Albertsons , and billionaire investor Dean Metropoulos teamed up in an unsuccessful bid for cereal maker WK Kellogg , according to three sources familiar with the matter.

The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant's global reach. Kellogg, which was founded in Battle Creek, Michigan, in 1906, is known for brands including Corn Flakes, Froot Loops, Rice Krispies and Special K. Ferrero's brands include Nutella and Rocher chocolates.

WK Kellogg Co. jumped nearly 30% on July 10 following the announcement from Italian food leader Ferrero regarding a $3.1 billion acquisition, inclusive of debt.

What’s “Froot Loops” in Italian?The European confectionary company Ferrero has agreed to buy WK Kellogg Co., the manufacturer of iconic American cereals, for $3.1 billion.The acquisition is set to bring the publicly traded maker of Froot Loops,

Kellogg, the maker of such brands as Frosted Flakes, Froot Loops, Rice Krispies and Raisin Bran, began business in 1906 as the Battle Creek Toasted Corn Flake Co., before becoming Kellogg Toasted Corn Flake Co. in 1909.

President Trump will wield 50% copper tariffs on August 1 as he promises more to come with countries such as Brazil in the crosshairs. Delta’s good news, Nvidia scores the first $4 trillion market cap milestone,

Nvidia rises and pushes its market capitalization north of $4 trillion. It’s the first U.S. firm to reach and close above that level. Delta’s earnings beat analysts’ estimates.