Steve Grzanich has the business news of the day with the Wintrust Business Minute.

A company with ties to the Chicago area has a deal to buy the WK Kellogg company for $3.1 billion. Ferrero is based in Italy but has manufacturing facilities in Chicago and suburban Franklin Park. The company also operates an innovation center in the Loop. The deal for Kellogg includes all manufacturing, marketing and distribution assets of Kellogg’s cereal portfolio in the U.S., Canada and Caribbean. Those assets include Frosted Flakes, Froot Loops, Mini Wheats, Special K, Rice Krispies and Raisin Bran among others. Ferrero is known for brands like Nutella and Kinder. After the deal closes, WK Kellogg would cease trading on the New York Stock Exchange.

Also, if you have a State Farm homeowners’ policy in Illinois, your rates are going up. Listen for more below: