ITALY: Piedmont estate owner mulls sale
Fontanafredda, one of the most historic Barolo wine estates in the Italian region of Piedmont, could be up for sale next year.
The possible contenders for the estate, which is owned by Italian bank Monte dei Paschi di Siena, are said to be Campari and Gruppo Italiano Vini. Bacardi has also been mentioned as a possible suitor for the business.
Monte dei Paschi managing director Roberto Vivarelli said the bank is carrying out a review of the Fontanafredda estate to determine the value of the business. The bank will decide next year whether to put the estate on the market.
Fontanafredda is valued at around EUR120m; the estate produces 6.5m bottles of wine a year and has an annual turnover of EUR34m (US$43m).
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