French dairy giant Lactalis has been given the green light to launch a takeover offer to secure full control of Italian group Parmalat.
The company, which already held an 87.74% stake in Parmalat, first detailed its offer to acquire the shares in Parmalat that it does not already hold late last year. Lactalis offered EUR2.80 (US$2.90) per share for the remainder of the dairy processor.
Go deeper with GlobalData
The bid was delayed by a request from Italy’s stock market regulator, the Commissione Nazionale per le Societa e la Borsa (CONSOB), for additional information. Yesterday (30 January), CONSOB approved the proposal and said the submission period will start on 9 February and close on 10 March.
Lactalis plans to delist Parmalat from the Italian bourse if it obtains control of 90% or more of Parmalat’s share capital, CONSOB noted.
The company took majority control of Parmalat on the back of a hostile takeover in 2011. The company’s attempt to secure full ownership of the group has met resistance from existing shareholders. According to Italian reports, Amber Capital – which holds around 3% of Parmalat shares – has insisted the offer of EUR2.80 is “insufficient” and suggested the price should be above EUR4 per share.
Lactalis and Amber Capital did not respond to requests for comment.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
