Ferrero buys land in Serbia for hazelnut production

By bne IntelliNews April 21, 2015

Italian confectioner Ferrero Group has bought land in the northern Serbian municipality of Sombor for €7.95mn after announcing last year it plans to produce hazelnuts in the Balkan country, according to Serbia's privatisation agency.

Ferrero acquired agricultural land and adjacent buildings stretching over more than 699 hectares via its Serbian arm, Belgrade-based Agriser. The assets belonged to farming company Aleksa Santic, the privatisation agency said in a statement on April 20.

The agency published the invitation for the public auction of Aleksa Santic's assets in late February, with a starting price of €7.94mn.

Last year, the Serbian government said that Ferrero planned to launch its previously announced project for a hazelnut production on 1,000 hectares of land in September 2014. The government and Ferrero signed a memorandum of understanding on the investment in February 2014.

The agriculture ministry said at the time that the project would help Serbia turn into a European leader in hazelnut production within 10 years, as Ferrero would increase the area under hazelnuts to 10,000 hectares by 2020. The ministry noted that Serbia has just 1,000 hectares of land under hazelnuts and imports 90% of the hazelnuts it consumes, mainly from Turkey and Georgia.

Family-run Ferrero was founded in 1946 and has grown into an international group with commercial interests in the Americas, Australia, Asia and Africa, as well as in Western and Eastern Europe. The group’s brands Nutella, FerreroRocher, Mon Cheri, Tic Tac, Kinder Bueno, Kinder Sorpresa and Raffaello are sold all over the world.

Related Articles

PMs of Serbia and Kosovo clash at Western Balkan summit ceremonial dinner

Serbian Prime Minister Aleksandar Vucic reportedly confronted his Kosovan counterpart at the ceremonial dinner during the Western Balkan Summit, over Pristina’s decision to re-register ... more

US puts Albania, Bosnia and Serbia on blacklist of major money laundering countries

The US department of state has included Albania, Bosnia & Herzegovina and Serbia in its latest list of major ... more

27 companies submit bids for Belgrade airport concession

Serbia’s Minister of Construction, Transport and Infrastructure Zorana Mihajlovic announced on March 13 that 27 companies responded to Belgrade’s public call for a 25-year concession to operate ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss