Lactalis failed to reach threshold to delist Parmalat

Lactalis failed to reach threshold to delist Parmalat

France-based dairy giant Lactalis has failed to reach the 90% stake in Parmalat that it needed to delist the Italian dairy group, according to a filing by the Milan bourse.

The filing showed Lactalis bought 15.11% of the shares on offer on the last day of a buyout offer on 21 March, equivalent to just under 1.85% more of Parmalat, the filing showed. Lactalis said it now owns 89.59% of Parmalat. It already owned 87.74% of the Italian group ahead of the offer.

Lactalis had initially offered EUR2.80 (US$3) per Parmalat share, but raised the offer price to EUR3 per share on 9 March. Activist investor Amber Capital, which has a 3% stake in Parmalat, had reportedly said Lactalis should increase its offer to at least EUR3.50.

Lactalis acquired control of Parmalat in 2011 after what had been seen in some quarters as a controversial pursuit of the business.

Earlier this month, Parmalat acquired "several" cheese-making companies in Chile at a combined enterprise value of around EUR100m.