Lactalis to Buy Remainder of Parmalat
Lactalis, the French family owned global dairy group, has made a voluntary tender offer for the remaining outstanding shares of its subsidiary Parmalat, which is listed on the Milan Stock Exchange. Lactalis already owns 87.74% of Parmalat. The offer is aimed at delisting Parmalat, which operates facilities in Europe, the Americas, Africa and Australia.
After more than five years as leading shareholder of Parmalat, Lactalis Group intends to provide Parmalat with a new dynamic, which can be more easily and effectively achieved in the long term without recourse to the stock market.
The offer price of Eur2.80 per share, which has never been reached after 2011, implies a premium higher than 11% on the average official price over the last month and almost 15% on the last three-month average.
