Italy: Barilla-Petti deal no longer going ahead
- François-Xavier Branthôme
Barilla stops the acquisition of Petti: «Consensual decision»
Italy-based food group Barilla and local tomato products business Gruppo Petti have decided not to progress a planned deal.
Last month it was announced that Parma-based pasta and sauces group Barilla, behind brands such as Barilla, Mulino Bianco and Pavesi, was to buy a 75% stake in Gruppo's Italian Food business, which produces tinned tomatoes, tomato puree and ready-to-cook sauces. The Petti group, currently made up of three companies, achieves an annual turnover of around 250 million euros. Italian Food is managed by Pasquale Petti, a fourth generation member of the Petti family.
However, in a joint statement on February 10, the companies said: ''Barilla Group and Italian Food of the Petti Group have decided by mutual consent not to proceed with the finalisation of the partnership agreement subject to common evaluation in recent months. Italian Food will continue to develop its Tuscan tomato supply chain; Barilla will continue to evaluate with interest development opportunities consistent with its core business." No reason was given for the decision not to proceed.
The deal would have seen Barilla acquire the Petti tomato preserves factory in Venturina, Tuscany. On 3 February the country's competition watchdog (the Italian Antitrust Authority), gave its approval, but the operation can be said to be definitively concluded.
Sources: just-food.com, italiafruit.net, ilsole24ore.com, horecanews.it
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Italy: Barilla about to take a share in Petti?