Michele Ferrero, Nutella owner, dies at 89

Michele Ferrero, whose chocolate and confectionery empire made him Italy's richest man, died on Saturday. His company’s most famous creation is Nutella.

The Ferrero group confirmed the news to Reuters. The 89-year-old billionaire died at his home in Monaco following a long illness.

His family-controlled company has continued to grow in recent years, despite a recession in Italy. Its annual sales have reached 8 billion euros ($9 billion), proving that people around the world will still buy Ferrero’s chocolate-hazelnut spread Nutella. It is considered Italy’s top privately-owned company.

The company’s other well-known items include Kinder edds, Tic Tac Sweets and Ferrero Rocher paralines.

According to BuzzFeed, Ferrero was estimated to be worth $23.4 billion. Forbes ranked him 30th on the list of the world’s wealthiest people.

Ferrero’s company was founded by his father in 1946 and the family never let outsiders buy into it. A few years ago, they considered buying England’s Cadbury, but decided against it. In 2013, his son, CEO Giovanni, had to deny rumors that Nestle was interested in buying them.

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