French dairy company Lactalis has rebuffed allegations that it manipulated the stock price of Italy’s Parmalat after shares in the Italian dairy firm soared amid rumours of a possible buyout.

Responding to reports that the firm’s actions are under investigation by prosecutors in Milan, Lactalis said it “always acted correctly and calmly”. The company added that it is awaiting “developments”.

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Lactalis took a 29% stake in Parmalat last week, becoming the Italian dairy’s largest shareholder and prompting a political response that has sought to “protect” Parmalat from a foreign takeover.

The Italian government introduced a law that could see Parmalat postpone its AGM – when Lactalis is expected to put forth a number of board appointments.

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