Ferrero says it is not for sale after death of owner spurs speculation
Italy's Ferrero, the maker of Nutella hazelnut spread and Ferrero Rocher chocolates, said it's not for sale after the death of owner Michele Ferrero spurred speculation Nestle could make an approach to buy the Italian company.
Chief executive Giovanni Ferrero "strongly denies" rumors that Ferrero could be sold, the company said in a statement today.
The chief executive, who is the son of the late Michele, reiterated that Ferrero "isn't and won't be for sale."
Speculation that the company might be more open to mergers and acquisitions returned after Michele Ferrero, who was Italy's richest person, died on February 14 after months of illness.
The late Mr Ferrero avoided acquisitions, however newspapers including Italian business daily Il Sole 24 Ore said his sons saw a merger as an opportunity.