Another stone of stumbling block the jobs

It will never know, perhaps, if the chocolate maker Ferrero really wanted to swallow Cadbury, or if he played simply to fear... But two months, the Italy well thought that his national confectioner, inventor of the Nutella, Kinder Surprise and the Mon Chéri, associated to the opportunity to the Hershey's American and the Blackstone investment funds would know his hour of glory international to be offering its British competitor. The peninsula is passionate for what appeared to be a strategic unprecedented turn, in the case of a singularly paternalistic and conservative home. She thought attend a beautiful family transition: on one side the father, Michele - eighty-five years this year, the standing since 1971-, which had until then always refused to swallow competitors to grow. the other two sons, Pietro and Giovanni, clearly tempted by the failure would have embodied the launch of a OPA on the London Stock Exchange, at the cost of a great battle against Kraft, claiming number one in the acquisition of Cadbury. and in the middle of the mother, Maria Franca, playing the conciliators to get everyone to agree.

Gold boom! Monday 11 January, late at night, the Ferrero finally decided to throw the sponge. They warned their bankers as soon as the next morning while, paradoxically, financial appeared passes to be buckled up, under the auspices of Mediobanca and Rothschild. The Piedmont group planned to borrow 4.5 billion euros (three billion from UniCredit and 1.5 billion to Mediobanca himself), which was nothing extravagant for a company that produces good year, year, gross margin EUR 1 billion. It provided also to refinance its debt with the assistance of foreign credit institutions, including Commerzbank and Natixis, and then to a capital increase. At the same time the assumptions the most various travelling in business: a marriage of equals with Hershey's to swallow Cadbury, the creation of an Italian joint-venture controlled mostly by Ferrero, the launch of an offensive solo... Even if defection of Hershey, a rally at the initial offering of Kraft, in which case Banco Popolare and the Dutch Rabobank were prepared, seems, to assist!

"This is not our business."

That what well could happen that none of these schemes take body Very secret, stunned by the media, the Ferrero family did not need to comment officially on the subject. In November already, when she began toying with the idea of an offensive on Cadbury, it is only because the City put it is to reveal his intentions that it resolved to publish a press release. It must be said that the Ferrero are known for their caution and that, since the origins, they have systematically preferred development through organic growth, by relying exclusively on products House, designed, manufactured and sold independently. Never they have signed partnership with that whatsoever. In the last straight line, that they had until Saturday next to declare, Michele appears to actually have convinced his two sons that the operation was not "in line with the strategy of the family", according to a close of the record. "After studying the project with interest and serious, and Michele that Pietro and Giovanni chose to withdraw from the game." Concurrent sources ensure that the verdict was pronounced "unanimously" in the Ferrero International holding, domiciled in the Luxembourg and breast which sit, in addition to the family, the main operational leaders. A denial on possible family strife which proves, in any case, Michele how still holds the reins, as he had in fact demonstrated recently by dam to the idea of Pietro to launch an investment fund in the agri-food sector. "This is not our business", had then decided the Patriarch.

Third European confectioner

Cadbury, the objective of starting yet was quite simple and attractive. Struck a great blow to catch up with March, world leader in the sector, 15 of market share, and out of the platoon in which there are companies such as Nestlé, but also Hershey and Kraft. Acquire a giant size, therefore, leaving the dominant logic of the professionals of the confectionery, who wants it first big in his specialty, before to be globally. And take a position in the emerging countries, where Ferrero is still very low. Italian beautiful have locations in 34 countries, be the sixth chocolatier in the world and the first consumer of hazelnuts in the world, it is first the third confectioner in Europe and conducts 90 of its activity on the Continent. In Italy, France and Germany for the most part. This is the reason for which he hoped to share with Hershey the assets of Cad bury... on the basis of geographical criteria. At him, the plants in the countries of the Commonwealth, including the India, the South Africa and the Australia. At its American partner, the rest. Except that the partner in question does not the ear understood it. Hershey, it was instead of dividing different Cadbury trades. At him, chocolate. And Ferrero, Halls, Hollywood and Trident chewing. "Ferrero was in fact a dual strategic interest in this folder: conquer new countries, it is true, but also complement its range of candy, which currently amounts to the tick mark", explains Professor Massimiliano Bruni, Director of master's food and beverage at the school of management from Bocconi University, Milan. "In fact, operation was probably too big, he added, value creation was theoretically high, but the risks were at the same time very many for a firm culture before any Italian."

Another stone of stumbling block: the jobs. The Italians were afraid the bloated workforce of Cadbury - nearly 45,000 employees against 22,000 in Ferrero - equivalent volume of cases (around EUR 6.5 billion). Finally, across the Alps, a doubt plane for a long time on the State of health of Cadbury, which has never been proven in Italy, where he also resold candy Charms, Saila and Sanagola the Group Leaf, early 2007. Not far from the mountains of Cuneo, in the town of Alba, the stronghold of the Ferrero, many now grow a sigh of relief. "Family has proved once again extremely United, it is reassuring for the company and the region," said the economic daily "Il Sole 24 Ore" Vice-President of the province, Giuseppe Rossetto. "We have followed this case with serenity, we are sure that the family took a wise decision," think its Maurizio Marello, the Mayor of Alba. Alba, which Ferrero intends to continue its "success story" solo, calmly. Alba, where 900 Ferrero Rocher emerge each minute of the historic Mill. Where a new experimental centre has construction and where the City Council gave its fire green, just before Christmas, the erection of a 30-metre Nutella storage Tower. An international, Ferrero may continue "its small snowman path, at your own pace", find a business banker, targeting Eastern Europe, America and Asia.

Strong global brand image

Beyond its factories recently put on the road to the Canada and Russia, the chocolatier reflects on new products can stand up to climate change and to withstand the high temperatures of China, India and South America. All topics that will be on the menu of the strategic Committee meetings scheduled this week. Surely, the Italians continue to ignite for this company symbols, founded in 1946 by Pietro, father of Michele. Last year, teaches Ferrero arrived at the head of the marks with a good image in the world, according to the Reputation Institute, Ikea, Johnson & Johnson, Kraft, Walt Disney and Google.

In addition, Michele Michele became in 2008 the richest man of Italy, the American magazine "forbes", before the pattern of the manufacturer of sunglasses Luxottica and, especially, to Silvio Berlusconi, who occupied the place since 1996, after having himself been Gianni Agnelli! Heritage of the Ferrero, managed since the Principality of Monaco by Fedesa society, is estimated at $ 11 billion. It would be back to 9.5 billion last year, because of the crisis. But Michele is still on the first step of the podium. Far, far, before Giorgio Armani, Benetton family or the pattern of the Geox shoes, Mario Moretti Polegato.

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