Italy's Nutella billionaire is now taking a chunk out of the cookie business to the tune of $3 billion

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• Italy's richest family that founded confectionery giant Ferrero Group now owns a sizeable cookie business too. 
• Bloomberg reported Monday that Giovanni Ferrero, who is chairman of the group, saw the value of assets acquired through his CTH holding company increase by 40% last year. 
• This was partly due to CTH's $300 million purchase of Danish cookie business Kelsen Group last year.
• A number of renowned billionaires have been making investments beyond the traditional remits of their portfolios to diversify.
• Visit Business Insider's homepage for more stories.

Italy's wealthiest family, whose Ferrero Group company created signature brands such as Ferrero Rocher, Nutella and Kinder, has been diversifying its portfolio beyond traditional chocolate products into the cookie sector, and this side business now owns assets worth around $3 billion.

Bloomberg reported Monday Michele Ferrero's son, Giovanni who is also chairman of the Ferrero Group, is carving his own path with an acquisition he made last year. See the rest of the story at Business Insider

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