Bailout or bust? Alitalia divides a nation, paralyses Rome
ROME/MILAN Italians are watching their flag carrier Alitalia go into yet another financial tailspin, and a growing number of them believe it would be better for the country if it crashed.
MILAN Nutella maker Ferrero has signed a deal to buy U.S. confectioner Fannie May from online retailer 1-800-FLOWERS.COM (FLWS.O) for $115 million (93.82 million pounds) in a move to strengthen the Italian company's presence in the overseas market, they said in a joint statement.
Fannie May, founded in Chicago in 1920, makes chocolate bars, praline and chocolate snacks that are sold mainly through 1-800-FLOWERS.COM.
"The United States represents an important market with a high growth potential for Ferrero and we are excited to support the development of a great American brand," Ferrero Chief Executive Giovanni Ferrero said in a statement on Thursday.
The United States is the fifth-biggest market for the Italian group, whose total revenue was 10 billion euros ($10.7 billion) in the financial year ended in August.
As part of the deal, Ferrero said it would sign a commercial partnership with 1-800-FLOWERS.COM to offer some of its and Fannie May's products on the online platform.
($1 = 0.9318 euros)
(Reporting by Francesca Landini and Giancarlo Navach; editing by Susan Thomas)
LONDON Britain will not fix its "broken" housing market unless it ends the dominance of the biggest housebuilders by supporting smaller providers to ramp up the rate of construction, a parliamentary committee warned on Saturday.