ITALY: Parmalat - clarifications on negotiation status for possible acquisition of Galbani
Following the various market rumours regarding the possible acquisition of the Italian company Galbani, the Parmalat Group, notwithstanding the necessary confidentiality obligation due in these circumstances, wishes to specify with this press release, for a better and clearer information to the public, the current terms of the negotiations:
· the transaction is far away from been considered finalised. Its completion is subject for the buyer to the satisfactory completion of the due-diligence and to the achievement of a number of specific contractual agreements;
· the total evaluation of the examined business is well below the Euro 1.5 billion speculated by the press;
· the eventual acquisition would be realised with the participation of a financial partner that would acquire the majority stake of Galbani share capital;
· Parmalat would not have any obligation to buy the financial partner stake at a later stage;
· the funding of the transaction would be made through an acquisition financing structure specific to the business under discussion and the Parmalat Group investment would not be higher than Euro 100 million.
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