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Italy’s Illy coffee attracts interest from foreing investors

News & Data JIACC

Italian coffee maker Illy Caffe SpA has attracted interest from suitors including JAB Holding Co. and Nestle SA, but the family owners have so far rebuffed approaches, according to people familiar with the matter.

Source: Bloomberg – JAB, which has built a coffee empire through a series of acquisitions, is interested in buying all of the Trieste-based coffee roaster, according to the people, who asked not to be named as the details aren’t public. Nestle approached Illy some months ago and was told the family was unwilling to sell for the time being, the people said. The company, founded in 1933 by Francesco Illy and known for high-end espresso sold in silver-and-red cans, is led by the third generation of the same family. The business reported about 460 million euros ($539 million) in sales for 2016, up 5.3 percent from a year earlier, and operates in 140 countries

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