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Ferrero owner dies in cycling incident

Last updated on 20-Apr-2011 at 14:42 GMT2011-04-20T14:42:02Z

Italian chocolate magnate Pietro Ferrero has died in South Africa after an apparent heart attack while cycling.

Ferrero, who was 47, ran the Ferrero confectionery group, with his brother Giovanni. He was said to be in South Africa on a business trip.

The Ferrero group, which produces the Nutella and Ferrero Rocher brands, had an annual turnover of €6.6 bn in its 2009-2010 financial year, reported the AFP news agency.

It was his father Michele, Italy's richest man, who turned the company into a global giant of the confectionery industry.

“Italy has lost a businessman who represented the best qualities of our economic history," said Italian Foreign Minister Franco Frattini in response to the death.

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