French dairy group Lactalis, the majority owner of Parmalat, has launched a voluntary tender offer to take full control of the Italian dairy business.
In a statement released late last month (27 December), Lactalis said it would offer EUR2.80 (US$2.90) per share for the shares it does not already hold in Parmalat.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Lactalis, which held an 87.74% stake in Parmalat at the time the tender was issued, said that it aims to de-list Parmalat from the Milan stock exchange. “After more than five years as leading shareholder of Parmalat, Lactalis Group intends to provide Parmalat with a new dynamic, which can be more easily and effectively achieved in the long term without recourse to the stock market,” the privately-owned French group noted.
Lactalis initially took an 83.3% stake in Parmalat in 2011 for EUR3.4bn. The company stressed the current tender offer price “has never been reached after 2011” and noted it represents a premium of more than 11% of the average weighted trading price for the past month and almost 15% of the last three-month average price.
However, Parmalat shares closed at EUR3 in Milan yesterday (2 January). According to local media reports, investor Amber Capital, which holds around 3% of Parmalat’s shares, has indicated it will not take up the current tender offer.
Amber Capital and Lactalis were not immediately available 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
