The richest Italian candy-maker Michele Ferrero, owner of the Nutella brand and Ferrero Rocher chocolate from the Ferrero SpA company has died at the age of 89 on Saturday at his Monaco home after months of illness, Sydney Morning Herald reports.

Ferrero SpA which was founded by Pietro Ferrero, father of Michele Ferrero, is currently the biggest chocolate producer in the world and is also the fourth largest confectionary company in the world.

Italian President Sergio Mattarella said in a statement,

“I have learnt with emotion of the passing of Michele Ferrero, a true entrepreneur, known and loved in Italy and abroad, Ferrero was a leading light in Italian business for many years, always managing to stay on trend thanks to his innovative products and his tenacious and cautious work. Italy remembers him with gratitude.”

According to Forbes, Ferrero had the biggest fortune in Italy and was the 30th richest man in the world with an estimated net worth of USD23.4 billion.

Ferrero SpA is now taken over by Giovanni Ferrero, aged 50, Michele Ferrero’s son.

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