ANN DURBIN Breakfast cereal could use a lucky charm. 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

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.

The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

The transaction marks the end of Battle Creek's run as a quintessential company town in Michigan, where the name "Kellogg" graces almost everything.

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.

WK Kellogg Co’s headquarters is in Battle Creek. After the transaction closes, Battle Creek will remain a core location for the company and will be Ferrero’s headquarters for North America cereal, a news release from WK Kellogg states.