The Italian firm behind Ferrero Rocher chocolates and Nutella spread has agreed to buy British chocolate retailer Thorntons for GBP112 million (USD176.8m), striking a rare deal to expand in Europe’s biggest confectionery market.
The deal is the first by family-owned Ferrero International since the death earlier this year of patriarch Michele Ferrero, who was Italy’s wealthiest man and largely shied away from acquisitions as he built up a business that also spans Kinder Surprise eggs and Tic Tac mints.
Ferrero said on Monday it would pay 145 pence a share in cash for the 104-year-old Thorntons, a 43 percent premium to the British firm’s closing stock price on Friday. Thorntons’ management said it backed the deal.
(Source: The Malaysian Insider)