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Lactalis Receives EC Approval For Parmalat Move

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Lactalis Receives EC Approval For Parmalat Move

Lactalis Receives EC Approval For Parmalat Move
June 15
11:46 2011

Lactalis, the French dairy group, has been given clearance by the European Commission for its Eur3.4b bid to acquire the 71% of Parmalat, its Italian counterpart, that is does not already own. Lactalis acquired 29% percent of Parmalat in March before launching a bid to purchase the remaining shares on May 23rd.

The European Commission’s investigation into the competition aspects of the proposed deal found that it would not significantly modify the structure of the markets for dairy products such as the procurement of raw milk, fresh milk, long life milk, cream and cheese, and that a number of credible rivals would continue to provide competition for the merged business. The European Commission concluded that: “The combined entity would not be in a position to restrict competition in relation to the sourcing of raw milk or as a result of the extension of its portfolio of products.”

If successful, the acquisition will make Lactalis the world’s largest producer of dairy products.

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