UPDATE: CEO Giovanni Ferrero "strongly denies" tales that the company could be for sale.
Dive Brief:
- Michele Ferrero, the owner of a suite of chocolate and confectionery brands, including Nutella, Ferrero Rocher, and Tic Tac, passed away on Valentine's Day at age 89.
- Ferrero was Italy's richest man after building his candy empire, which was founded by his parents in the 1940s and prospered even through Italy's greatest recession since World War II.
- Ferrero's son Giovanni is the current CEO, but the future that lies ahead for the company is unclear.
Dive Insight:
An acquisition of Cadbury and an acquisition by Nestle have been past rumors surrounding the Ferrero empire, but in actuality, it's unclear what will happen now that Michele Ferrero has died. According to Reuters, industry leaders say Ferrero's son Giovanni is not as interested in running the business as his brother was, the original heir who died from a heart attack in 2011.