Subscribe & Follow

Advertise your job vacancies

EU approves Lactalis takeover of Parmalat

16 Jun 2011

BRUSSELS, BELGIUM: The European Commission on Tuesday, 14 June 2011, gave an unconditional green light to a takeover by French dairy giant Lactalis of Italy's Parmalat, a commission source who asked to remain anonymous said.

The takeover would see Lactalis become the world's top dairy company.

After examining the takeover bid, the EU executive concluded it would not harm competition in Italy or any other European Union nation, the source said.

An announcement by Lactalis in March that it had acquired an almost 29% stake in Parmalat, or de facto control of the firm due to its varied share structure, caused a rumpus in Italy.

Faced with opposition from the Italian government, Lactalis subsequently launched a takeover bid at €2.60 a share, running from 23 May to 8 July, for 55% of the capital.

The public offer was rejected by Parmalat's board on grounds it "did not fully reflect" the value of the company.

But on Monday, the head of Italian bank Intesa Sanpaolo, which owns around 2.4% of Parmalat and made a failed bid to counter the Lactalis takeover, said it was "likely" it would sell its stake to Lactalis.

Source: AFP

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

Go to: http://www.inet.co.za