The Strategist

Ferrero to Buy Thorntons


06/22/2015 - 16:56



Italian chocolate maker Ferrero SpA buys less major British rival Thorntons Plc for 111.9 million pounds ($ 177.6 million).



pixabay.com
pixabay.com
Ferrero will pay cash for 145 pence per Thorntons’ share, which represents a premium of 43% of their price at the close of the market on Friday, according to the press release of the British company.

The Italian manufacturer has already acquired nearly 30% of Thorntons’ shares and put a public offer on the remaining paper. The shareholders of the British company, owning 4.46% of the securities of the company, have already confirmed their plans to sell them.

Ferrero intends to maintain brand Thorntons and the company's plant in Derbyshire. Shares Thorntons during trading on Monday, jumped more than 42% to 144.5 pence.

Thorntons was formed in 1911, it is one of the UK's largest manufacturer of chocolate. The annual turnover of 222 million pounds, the capitalization - nearly 70 million pounds. The company currently has 242 own shops in the UK and Ireland, as well as 158 franchises. The last three years it has been implementing a restore profitability program after serious difficulties experienced during the global crisis.

Ferrero produces products under such popular brands as Kinder, Nutella, Ferrero Rocher and Tic Tac.

source: ft.com

 




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