Italian food giant Ferrero, the
maker of the Nutella spread and Ferrero Rocher chocolates, said
Monday that it is making a takeover bid for British confectioner
confectioner Thorntons.
The Italian company said it would pay 145 pence for each
Thorntons share for a total of close to £112 million - or some
157.6 million euros.
The news sent Thorntons' share price soaring, increasing
by over 40% to approach the 145p mark. Ferrero announced that it
has acquired has bought a 29.9% stake in Thorntons and has the
backing of owners for 4.5% more.
"This transactions brings together two highly
complementary businesses, but more importantly it unites two
companies that share the same passion for growing brands, and a
proud heritage, drive and culture built upon their family
foundations," Ferrero CEO Giovanni Ferrero said in a statement.
"We have long admired Thortons and what they have achieved
in the UK as demonstrated by their tremendous customer loyalty,
and we look forward to working with their experienced team".
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