Italy-based food group Barilla and local tomato products business Gruppo Petti have decided not to progress a planned deal.
Last month it was announced that Parma-based pasta and sauces group Barilla, behind brands such as Barilla, Mulino Bianco and Pavesi, was to buy a 75% stake in Gruppo’s Italian Food business, which produces tinned tomatoes, tomato puree and ready-to-cook sauces.
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However, in a joint statement sent to just-food by Barilla, the companies said: “Barilla Group and Italian Food of the Petti Group have decided by mutual consent not to proceed with the finalisation of the partnership agreement subject to common evaluation in recent months.
“Italian Food will continue to develop its Tuscan tomato supply chain; Barilla will continue to evaluate with interest development opportunities consistent with its core business.”
No reason was given for the decision not to proceed.
The deal, which had been approved by the country’s competition watchdog, would have seen Barilla acquire the Petti tomato preserves factory in Venturina, Tuscany.
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By GlobalDataItalian Food is managed by Pasquale Petti, a fourth generation member of the Petti family.
