April 19 (Bloomberg) - Pietro Ferrero, Director General of the Ferrero group, manufacturer of Nutella chocolate spread and Tic tac and heir to the largest fortune of the Italy, died in an accident in South Africa. He was 47.
Ferrero was on a business trip and the exact circumstances of his death are not yet known, the company said in a statement by email yesterday. Ferrero died in a bicycle, one of his passions and suffered some kind of attack which led to a fall, the la Repubblica newspaper reported on its Web site. "Italy lost a business man who embodied the best qualities of our industrial history - research ongoing for excellence, creativity, the willingness to compete even in difficult times to defend a trademark as a symbol,"Foreign Minister Franco Frattini said in a statement by email. "Pietro Ferrero died at the time where his company considers joining a battle for Parmalat SpA, in a Government - backed group of Italian investors, trying to block Lactalis Group France to take control of the largest dairy company of the Italy. In 2009, Ferrero has also cooked and abandoned a bid for Cadbury Plc, before it was purchased by Kraft Foods Inc. Pietro Ferrero was CEO jointly with his brother Giovanni.Ferrero was founded in Alba, Italy, in 1946When Pietro grandparents are transforming a small coffee bar and pastry in a candy factory. With expensive cocoa that the Italy of war, rebuilt the company experimented with locally abundant nuts as an ingredient in substitute, according to its Web site. Using a basis of cocoa-hazelnut, Nutella developed Ferrero, now the best-selling sweet throughout the world.Food InnovationsChairman Michele Ferrero, father of Pietro, took the direction of the business and increased the family fortune to $ 18 billion, which won him the 31st ranking on the list of Forbes billionaires of the world 2011, the top position for any society of Italian.Thewho introduced a tick at the United States in 1969, had sales of 6.6 billion euros ($9.4 billion) for the year ended August 31 up 4.3%. More recent innovations include Gran Sun, a dessert stored at the temperature of the room transforms into an ice-cream-like substance when the buffeted and frozen. Ferrero has more than die employees and 18 plants around the world.Pietro Ferrero graduated in biology from the University of Turin, and was a former Director of Ifil SpA, a holding company for another Turin billionaire clan, the Fiat SpA - founding Agnellis. Pietro Ferrero was previously Director of Mediobanca SpA, the Italy more publicly traded Investment Bank.He is survived by his wife and three children, said la Repubblica.-Editors: Andrew Davis, Heather Harris
Marco Bertacche in Milan, at mbertacche@bloomberg.net.
To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net
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