Ferrero not for sale, denies receiving bid from Nestle

October 17
7:43 AM 2013

On Thursday, A spokesman for family-controlled Italian confectionery firm Ferrero denied that it was accepting acquisition bids, nor received one from Swiss multinational Nestle. The Ferrero spokesman told Reuters, "Ferrero is not for sale in the most categorical and absolute manner."

An Italian daily newspaper, la Repubblica, reported on the same day that Nestle had put up an offer to acquire the family-controlled Ferrero that the latter could not refuse. The newspaper did not cited sources. Sources who had knowledge about the financial position of Ferrero said the company is rich in cash and has no plans to give up control.

Ferrero produces the popular Nutella brand, a hazelnut and cocoa cream spread. The company was also famous for its other confectinery products like Ferrero Rocher chocolate balls, Pocket Coffee and the Kinder line. For the fiscal year 2011-2012, Ferrero made EUR7.7 billion in revenues.

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