G3 owner: Ferrero is not for sale

Giovanni Ferrero, third-generation owner of confectioner Ferrero SpA and Italy’s richest man,

told the

Wall Street Journal


that he has no plans to sell the company or take it public.

The company, which makes Tic Tacs, Nutella and Kinder chocolate eggs, has attracted the interest of Mars Inc. and Nestlé SA. Analysts estimate its worth at up to $30 billion, the

Journal

article said. It is the world’s fourth-largest chocolate confectionery company, with 8% of the market, according to the report. The company is expected to generate revenues of €8 billion ($10.9 billion) this year, the article said.

Ferrero, 49, told the

Journal

he plans to double the size of the company by expanding to Asia and the U.S. Currently, 80% of Ferrero’s sales come from Europe, the article said.

The 2011 death of Mr. Ferrero’s brother, Pietro, who was 47 years old at the time and managed the company along with Giovanni, stoked questions as to whether the family would finally sell out. Instead, Mr. Ferrero took over as sole chief executive and hopes his sons, now 8 and 5, will follow him some day.

The

Journal

report noted that the company’s presence in the U.S. is “tiny.” Ferrero is now heavily promoting Nutella to the American market. (Source:

Wall Street Journal,

Nov. 29, 2013.)