European Commission gives thumbs up for Ferrero’s Oltan takeover
Ferrero announced it had acquired Turkish hazelnut suppler Oltan in July this year in a move that created the world’s largest hazelnut supplier.
A Commission investigation found that the deal would raise create competition concerns as confectioners will still have sufficient alternative hazelnuts suppliers, such as Progida, Ozgun, Balsu, Durak, Gursoy, Yavuz.
“In addition, some competitors have recently entered the market or strengthened their presence,” said the Commission in a release.
Ferrero is the world’s premier hazelnut user. It uses the commodity in brands such as Kinder Bueno, Kinder Surprise, Rocher, Mon Cheri and Nutella.
Ferrero had previously been a rival of Oltan’s through its Stelliferi business. Last year, the Italian chocolate giant opened a $119m plant in Turkey , the world’s premier hazelnut producer. In 2009, Ferrero was cleared of alleged hazelnut fraud in a case that spanned seven years.
