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.

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. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Amber Capital and Lactalis were not immediately available for comment.