Billionaire Michele Ferrero, who became Italy's richest man with a confectionery empire built on his popular Nutella spread, died at the age of 89. "I have learnt with emotion of the passing of Michele Ferrero, a true entrepreneur, known and loved in Italy and abroad," Italian President Sergio Mattarella said in a statement.
The Ferrero group also makes Ferrero Rocher, Mon Cheri and Kinder chocolates and employs more than 22,000 workers. The group has an annual turnover of more than 8 billion euros ($9 billion). Ferrero and his family are estimated by Forbes to hold Italy's biggest fortune at $23.4 billion. Ferrero's son Giovanni became chief executive of the Ferrero group after his older brother Pietro died of a suspected heart attack while cycling in South Africa in 2011.