The European Commission has approved the proposed €3.4bn takeover of Parmalat by Lactalis.
The Commission concluded that the deal “would not significantly impede effective competition in Italy or any other European Economic Area (EEA) countries”.
The acquisition would create a dairy company with an annual turnover of €14bn. For Lactalis, acquiring Parmalat could offer up big synergies as there is significant cross over in the Italian and European activities of the two companies.
In March 2011 Lactalis acquired a 28.97 per cent stake in Italian dairy group Parmalat and, on 23 May 2011, it launched a €2.60 a share bid to acquire the rest of the firm.