Nutella maker denies claims it received offers from Nestlé.
Swiss multinational food group Nestlé has failed in its reported bid to buy Italy's Ferrero, the maker of Nutella chocolate spread, according to the Financial Times.
The newspaper reported that Nestlé had made several offers to buy Ferrero over the past two months, as part of Nestlé's plans to expand its confectionery business.
However Ferrero has denied it received offers from Nestlé, stating that it was not for sale in “the most categorical and absolute manner.”
Ferrero, which also manufactures the brands Kinder, Mon Cheri, Ferrero Rocher, Pocket Coffee, Estathé and Tic Tac, among others, is worth an estimated €10 billion.
The company is privately owned by the Ferrero family, whose patriarch Michele Ferrero is said to be the richest man in Italy. The famously publicity-shy businessman has a personal wealth of $19 billion, surpassing former Italian premier Silvio Berlusconi in 2008.
The Ferrero firm was founded by Michele's father Pietro in 1946 in his native town of Alba in the Piedmont region of northern Italy, where the company is still based.