Lactalis seeks full control of Parmalat
By Jamey Keaten |
April 27, 2011, Wednesday
|
Print Edition
Print Edition
FRENCH dairy company Lactalis announced yesterday a 3.38 billion euro (US$4.92 billion) offer to buy full control of Italy's Parmalat, a move the Italian government had sought to avoid to protect one of the country's corporate titans.
The unsolicited offer, at 2.6 euros per share, sent shares of the Italian company soaring 11 percent - to 2.58 euros - in midmorning trading on the Milan Stock Exchange yesterday.
In a statement, Lactalis sought to assuage concerns in Italy about the takeover, saying the merged company would be built around Parmalat and its brand name.
"We have an ambitious project for growth at Parmalat, to make a standard-bearing Italian group in consumption milk around the world, with headquarters, organization and management in Italy," said Lactalis President Emmanuel Besnier in the statement.
Lactalis will examine transferring its activities in the milk sector in France and Spain into Parmalat, the statement said, adding that the size of the merged company could provide enhanced growth prospects in emerging markets like Brazil, China, and India.
After Lactalis moved to increase its stake in Parmalat to 29 percent in recent weeks, the Italian government passed new rules to protect companies in strategic sectors from foreign takeovers. It claimed Parmalat was in the strategic sector of food production.
The unsolicited offer, at 2.6 euros per share, sent shares of the Italian company soaring 11 percent - to 2.58 euros - in midmorning trading on the Milan Stock Exchange yesterday.
In a statement, Lactalis sought to assuage concerns in Italy about the takeover, saying the merged company would be built around Parmalat and its brand name.
"We have an ambitious project for growth at Parmalat, to make a standard-bearing Italian group in consumption milk around the world, with headquarters, organization and management in Italy," said Lactalis President Emmanuel Besnier in the statement.
Lactalis will examine transferring its activities in the milk sector in France and Spain into Parmalat, the statement said, adding that the size of the merged company could provide enhanced growth prospects in emerging markets like Brazil, China, and India.
After Lactalis moved to increase its stake in Parmalat to 29 percent in recent weeks, the Italian government passed new rules to protect companies in strategic sectors from foreign takeovers. It claimed Parmalat was in the strategic sector of food production.
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