Parmalat has been fined EUR22.2m (US$34.3m) by the Italian anti-trust authority for delays in the sale of its Newlat subsidiary.
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The divesture was a condition of Parmalat’s 1999 Eurolat acquisition.
At the end of April, Parmalat said that it had reached a deal to offload the unit for a symbolic EUR1 to Swiss company TMT, allowing it to deconsolidate a EUR36m of debt.
However, Italy’s competition watchdog said that it was imposing the fine because Parmalat failed to meet its latest deadline of 30 October, 2007.
A Parmalat spokesperson told just-food that the company was “disappointed” by the news.
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By GlobalData“We sold the business to comply with the ruling. We were unable to do it at an earlier date as to have done so would have resulted in a significant financial loss,” a spokesperson said.
