Michele Ferrero death sparks takeover chatter
The death of Michele Ferrero, the head of the Ferrero family and owner of the eponymous Italian confectionery group, has sparked market takeover chatter, Italian-language daily Milano Finanza reported.
The report said that listed Swiss food group Nestle and US-based food multinationals Mars and Mondelez are among the interested bidders.
The report said that Ferrero could also consider a listing.
The item reported that Ferrero was against attracting a financial or industrial partner, and listing the confectionery group. The item added that press reports claimed Ferrero blocked his children from making buys or overtures to attract partners.
The report said that the Ferrero family, which is now headed by Giovanni Ferrero, has no intention of selling at present.
The report disclosed that Ferrero posted EUR 8bn turnover and EUR 827m profit for FY13-14, adding that the company could be valued at EUR 20bn.
Milano Finanza daily edition