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 the American company that makes Kellogg's Corn Flakes, Froot Loops, Rice Krispies and other familiar brands.

Fererro Group, the Italian candy maker known for Nutella, is buying WK Kellogg for a whopping $3.1 billion. Changes are coming in Michigan for behavioral health services and how they’re provided through Medicaid.

W.K. Kellogg Co. has shown a strong commitment to Battle Creek since its formation,” said Interim City Manager Ted Dearing. “We are hopeful that this commitment will continue under Ferrero’s ownership.

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.

Shares of cereal maker WK Kellogg ( KLG 30.63%) rose 34% this week as of noon E.T. Thursday, according to data provided by S&P Global Market Intelligence. One week after being added to a slew of Russell Value indexes, it turns out WK Kellogg was indeed a good value investment -- at least in the eyes of Ferrero.

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Ferrero has signed a deal to take WK Kellogg private in an agreement worth $3.1 billion, The Associated Press reported.