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Chocolatier Ferrero Makes...

Chocolatier Ferrero Makes $178 Million Move for Thorntons

23 Jun 2015
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23 Jun 2015 --- Shares in the British chocolate maker and retailer Thorntons rose by more than 42% yesterday (Monday) on the news that it has received an offer from Italian chocolate maker Ferrero for the company. The offer, said to value the struggling company at $178m, comes after a difficult period for Thorntons, which made a profit warning in December 2014 and announced a falls in sales and profits for 2014.

Chairman of Thorntons, Paul Wilkinson, said: “Ferrero is offering our shareholders an attractive premium to the average price of Thorntons' shares over the last three months. Although the prospects for Thorntons as an independent company remain strong as the Company embarks on the next phase of its strategy, the Board of Thorntons also recognises the potential benefits to the brand and the business, including employees and all stakeholders from combining with the Ferrero Group. Ferrero is a successful global confectionery business with a strong family heritage and as such represents a good cultural fit for Thorntons. The Board of Thorntons therefore has given its unanimous recommendation for the Offer from Ferrero."

Ferrero, whose founder and CEO Michele Ferrero passed away in February, is one of the world’s most recognizable chocolate makers, with brands such as Nutella and Kinder winning international acclaim, while its Ferrero brand maintains popularity. Thorntons also benefits from a rich heritage of over 100 years and is a household name in the UK.

Ferrero posted sales of €8.4bn in the year to the end of August 2014, and employs around 27,000 staff.

Commenting on the offer, CEO of Ferrero, Giovanni Ferrero, said: "Our business was founded nearly 60 years ago out of a passion for chocolate and with a commitment to quality. We delivered our best ever results in the UK in 2014, giving us confidence that now is the right time to broaden our roots in this important market.

“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," Ferrero concluded.

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