BY: Carlo Festa and Simone Filippetti
Is the maker of the Nutella chocolate spread about to gobble up Nestlé’s U.S. sweets business? Ferrero, the historic chocolate company owned by Italy’s richest family, is attempting the biggest takeover in its history, worth $3 billion. The food group based in Alba, northern Italy, the third in the world of chocolate, has the sweet snack division of the biggest food multinational in the world in its sights, according to reports.
For Ferrero, this would be an unprecedented attack on the lucrative U.S. market. To do it, it would have to look for a big target: the confectionery division of Nestlé which the Swiss food company has placed the “For Sale” sign on. Based on rumors reported by the news agency Dealreporter, Ferrero has hired an investment bank to study the dossier. Ferrero has already expanded in the U.S. market with the purchase of Fannie May Confections Brands, a producer of quality chocolate, for $115 million in cash. On its part Nestlé announced on June 15 that it was exploring strategic options for its U.S. confectionery division, including a potential sale.
SOURCE: http://www.italy24.ilsole24ore.com/
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