Michele Ferrero, owner of Nutella empire, dies at 89

Sat Feb 14, 2015 4:19pm EST
 
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By Giancarlo Navach and Agnieszka Flak

MILAN (Reuters) - Michele Ferrero, Italy's richest man and the owner of a global chocolate and confectionery empire, died on Saturday aged 89, the company said.

His death opens the question of succession and potential tie-ups at the family-controlled Ferrero group, which has sales of around 8 billion euros ($9 billion) and continued to grow through Italy's longest recession since World War Two.

Ferrero dreamt up the chocolate-hazelnut Nutella spread, Ferrero Rocher pralines, Kinder eggs and Tic Tac sweets, turning a provincial chocolate factory into what is widely seen as Italy's most valuable privately-owned company.

The billionaire died at home in Monaco after months of illness, the group said in a statement.

Italian President Sergio Mattarella said he was deeply touched by Ferrero's death, calling him a "born entrepreneur".

Twitter was flooded with messages from people who thanked Ferrero for "sweetening up" their lives.

Ferrero's son Giovanni became chief executive of the chocolate empire after his older brother Pietro, the chosen heir, died of a heart attack in 2011 while cycling in South Africa.

In late 2013, Giovanni denied suggestions that the company had been approached by the Swiss-based multinational Nestle, saying Ferrero was not for sale. But industry insiders say he is less interested than his brother was in running the company.   Continued...

 
Nutella produced from Italy, priced at 6.25 BAM ($4.20), are displayed for sale at a FIS supermarket in Vitez March 13, 2012. REUTERS/Dado Ruvic