by Michèle Shah
Fontanafredda, Piedmont s largest historic Barolo estate with 110 hectares of vineyard, currently owned by Monte dei Paschi di Siena bank, is rumoured to be up for sale. Possible contenders are thought to be Campari or Gruppo Italiano Vini, but a foreign interest, such as Bacardi or an Arab property investment fund, is also being floated as a possibility. According to a statement made by Monte dei Paschi s Managing Director Roberto Vivarelli, the bank is carrying out an evaluation on Fontanafredda, which will be based on its 2006 balance sheet and in 2007 the decision may be taken to put it on the market. With a yearly turnover of 34 million Euros, a production of 6.5 million bottles per year - of which 4.5 million are Spumante wines and exports accounting for 50% of its sales, its present value is estimated at a minimum of 120 million Euros.
