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Italy: Barilla takeover of Petti confirmed
Note from the Editor: The deal was later pulled, see http://www.tomatonews.com/en/italy-barilla-petti-deal-no-longer-going-ahead_2_940.html
Barilla consolidates its operations in the first-stage processing market
In early December 2019, the financial information site milanofinanza.it was informed of the interest shown by the Barilla group (Barilla G. and R. Fratelli SpA) in the company Italian Food SpA, which launched the Petti brand of premium canned tomatoes.
As its website indicates, the company was founded in 1973 when the Group took over a processing plant from the Arrigoni Group, in Venturina Terme (Livorno, Tuscany). So the company began processing tomatoes grown in Tuscany in order to supply the large factory of Antonio Petti fu Pasquale SpA in Nocera Superiore (Salerno) with tomato pastes conditioned in industrial-pack barrels. In 2006, Italian Food considerably increased its investments in its manufacturing tool so as to extend its processing capacity and the number of its employees, and by 2013, the credibility of the Petti brand was fully acknowledged within the tomato processing sector.
The confirmation of this takeover has been published on the agcm.it website (run by the Guaranteeing Authority for Competition and Markets), along with the main stages of the acquisition process by Barilla in order to gain exclusive control of Italian Food SpA.
The operation will take place in three stages:
The capital of Italian Food is to be increased by Antonio Petti fu Pasquale SpA, which will acquire part of the shares of Italian Food, taking control of 75% of the company.
Antonio Petti's 25% stake in Italian Food will be passed on to his son Pasquale Petti, representative of the family's fourth generation, currently at the head of Italian Food SpA;
Finally, Barilla will acquire a 75% stake in Antonio Petti fu Pasquale SpA. At the end of these operations, by virtue of the rules that govern the relations between Barilla and Pasquale Petti, Barilla will have exclusive control of Italian Food SpA.
Source: horecanews.it
Some complementary information
See also our articles published on the same topic prior to July 2017 by following the link below:
