Milan

THE death of Italian billionaire Michele Ferrero could ultimately herald a deal involving the chocolate empire bearing his name, with the family's third generation leading it into a future of increasingly hungry multinationals.

The maker of Nutella spread and Ferrero Rocher chocolates has long been viewed as an appetising target for rivals such as Mondelez International, Nestle, Mars and Hershey. But given the strength of its brands, the high margins on chocolate and sluggishness of packaged food overall, the Italian business could feasibly be on the shopping list of any global food company. "Certainly there's more chance of a deal now than there was before; that absolutely must be true," said Andrew Cosgrove, EY's global lead analyst on consumer goods. "It was widely rumoured that no deal would happen until this event."