Breakfast is the most important meal of the day, and Giovanni Ferrero knows it. Scion and executive chairman of Ferrero Group, the company behind favorites like Nutella, Kinder, and Ferrero Rocher, Ferrero announced plans in July to acquire WK Kellogg, maker of Frosted Flakes and Froot Loops, in a deal worth $3.1 billion. The purchase will expand Ferrero’s presence in North America and lessen its reliance on chocolate products amid rising global cocoa prices. It also gives Ferrero Group a lift