Lactalis has raised the price it is offering to buy out minority investors in Italian dairy giant Parmalat.

The France-based dairy group, which owns just under 88% of Parmalat, yesterday (9 March) upped its offer from EUR2.80 (US$2.99) a share to EUR3. Lactalis said the offer would expire on 21 March.

Activist investor Amber Capital, which has a 3% stake in Parmalat, reportedly said last week Lactalis should increase its offer to at least EUR3.50.

Daniele Ridolfi, an analyst at French finance house Kepler Cheuvreux, said investors should accept Lactalis’s new bid.

“The offer price is now in line with our target price we thus suggest to accept the offer,” Ridolfi said.

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

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
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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