Fontanafredda may be sold
- Monday 30 October 2006
Italy’s daily newspaper La Stampa reports the possible contenders as Campari or GIV – Gruppo Italiano Vini – one of Italy’s biggest wine groups.
Fontanafredda is Piedmont’s largest estate, with 110ha of vines. It was taken over by the Monte dei Paschi di Siena bank (MPS) in 1931.
According to Monte dei Paschi’s managing director Roberto Vivarelli, the decision as to whether Fontanafredda will be put on the market will be based on a review of the winery.
Fontanafredda is currently estimated to be worth €120m, with a yearly turnover of €34m and a production of 6.5m bottles per year (of which 4.5 million are Spumante wines). It exports 50% of its total production.
GIV president Emilio Pedron said, ‘Our interest in Fontanafredda at this stage is purely exploratory. It is a prestigious company of historic importance and value, but the present market trend doesn’t favour Piedmontese wines which are traditional and not flexible enough to meet market requirements.’