The Italian maker of Ferrero Rocher and Nutella has set its sights on WK Kellogg as the U.S. cereal maker struggles to get traction.

The Ferrero Group has agreed to acquire WK Kellogg Co for $23 per share in cash, for a total enterprise value of $3.1 billion, WK Kellogg said in a news release. RELATED: Kellogg’s reportedly set to sell 119-year-old cereal company in $3B deal

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Nutella prices may soon climb after Turkey — the world’s top hazelnut producer — was hit by a devastating spring frost that wiped out large swathes of crops. As the firm behind the brand faces rising raw material costs,

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WK Kellogg Co. shares are up nearly 50% after a report that Italy's Ferrero Rocher and Nutella maker is [nearing a $3 billion deal](