Italy’s largest food company Parmalat said yesterday (16 May) that it intends to sell its Spanish business to the Nueva Rumasa group.
The sale will raise EUR188m (US$255.7m) in cash. The group’s Spanish activities generated revenues of EUR185m last year.
Parmalat has embarked on a restructuring programme following its 2003 financial collapse. It has sold its stake in a number of Australian and European businesses, including its Portuguese operations.
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