Italian Giovanni Ferrero told the Wall Street Journal in a rare interview that he has no plans to take Ferrero SpA public or sell out to a bigger rival. Ferrero is the owner of the chocolate confectionery firm behind hazelnut spread Nutella, Kinder chocolate eggs and Tic Tacs. He is the richest man in Italy, WSJ said in a report.
According to the report, investment bankers have dangled proposals to take the company public or sell out to a bigger rival for years. But even the prospect of unlocking a USD30 billion valuation hardly persuades the Italian businessman. Just last year, WSJ said American global confectionery manufacturer Mars Inc. expressed interest in Ferrero. On the other hand, Swiss Nestle SA had been eyeing the confectionery company for years, sources told WSJ.
Ferrero said he plans to double the company's size in the next 10 years by breaking out of its European stronghold and expanding in Asia and the United States. He also said Ferrero is set to exceed EUR8 billion (USD10.9 billion) in annual sales this year.
Ferrero is the world's fourth-largest chocolate confectionery firm with 8% of the global chocolate market, WSJ said.
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