View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
December 4, 2018

Lactalis ups stake in Italian peer Parmalat and plans to take it private

Lactalis, the French dairy heavyweight, has increased its stake in a European subsidiary to more than 95%.

Lactalis, the French dairy heavyweight, has increased its stake in Italian peer Parmalat to more than 95%.

And it has announced its intention to take the company off the stock market.

In a brief announcement this morning, Lactalis, which already owned 89.63% of Parmalat’s shares listed on the Milan Stock Exchange, said that on 3 December it purchased a block of 114,546,237 Parmalat shares, increasing its stake to 95.81% of the capital. 

And it is planning to exercise its right to ‘squeeze out’ shares held by minority shareholders in a compulsory buy-back procedure.

Lactalis, through its subsidiary Sofil, has also told the Italian stock exchange authorities its desire to de-list Parmalat, which it has owned for seven years.

Last March Lactalis failed to reach the 90% stake in Parmalat that it needed to de-list the company, according to a filing at the time 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 2017, equivalent to just under 1.85% more of Parmalat, taking its stake to 89.59%. 

Its newly enlarged stake gives it the authority to take the Italian company private.

Related Companies

Topics in this article: , ,
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU