French dairy group Lactalis has gained control of Parmalat’s board, “effectively putting it in position to approve its own 3.4 billion euro ($4.9 billion) takeover of the Italian company…,”
the
Financial Times
reported.
Lactalis is privately owned by the Besiner family. The French company “declared ownership of nearly 30 per cent of the Italian group’s shares, giving it the right to name a new board,” the
FT
article said. Lactalis has offered 2.60 euros per share to buy the remaining shares of Parmalat, the report noted.
The takeover period for Parmalat closes on July 8. Lacatalis aims to acquire a stake of at least 55%, the
FT
article said.
Parmalat’s outgoing board never accepted Lactalis’ offer and considers it to be hostile, the report noted.
Lactalis bought its initial 29 per cent of the company for 2.80 euros a share from a group of activist investors, who had earlier considered selling their stake to Italian bank IntesaSanpaolo, which failed in its efforts to mount an Italian counter-offer to Lactalis.
(Source:
Financial Times,
June 29, 2011.)
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