Italian confectionery firm Ferrero, the maker of chocolate spread Nutella and the Kinder products, has purchased Serbian agribusiness Aleksa Šantić.
Ferrero offered €7.95 million for the firm that owns some 700 hectares of land.
Ferrero’s Serbian subsidiary, Agriser, was the sole bidder, and plans to set up hazelnut production on Aleksa Šantić’s land.
In February 2014, Ferrero and the Serbian government signed a memorandum of understanding on setting up hazelnut production on some 1,000 hectares of land in Serbia.
In a statement at the time, Ferrero said the company's investments will make it possible for Serbia to become "the European hub of hazelnut production".
According to Serbia’s Ministry of Agriculture, Ferrero's investments will enlarge the area covered with hazelnut trees from 1,000 hectares to over 10,000 hectares by 2020.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic
