Ferrero to Cut Turkish Hazelnut Purchases After Price Surge

Nutella-maker Ferrero SpA, the world’s biggest buyer of hazelnuts, agreed with Turkey’s antitrust watchdog to cut its purchases after a weather-induced supply shortage sent prices soaring.

The Italian company pledged to buy at least 30,000 tons from Turkey in September to December, down from its previous commitment of 45,000 tons “due to the harvest decline and quality issues”, the Competition Authority said in a statement.

That’s equivalent to around 7% of Turkey’s expected harvest.

The deal comes after the antitrust body publicly criticized Ferrero for “delaying” purchases from Turkey, the world’s top hazelnut producer, following a spring ...