An Italian criminal investigation into Parmalat's May 2012 disputed acquisition of Lactalis American Group (LAG) is "completely over", says the Parma-based dairy giant.
With Lactalis owner B.S.A set to refund $130m of the $904m Parmalat paid to acquire Lactalis American Group (LAG) in May 2012, the Italian dairy giant is confident it has seen the back of the investigations into the legality of its dealings.
Parmalat has moved to dispel concerns about the legality of its intra-group acquisition of Lactalis American Group (LAG) by revealing better than expected financial results that “confirm the profitability” of the business.
Italian prosecutors have asked for Parmalat’s $904m acquisition of Lactalis American Group (LAG) to be cancelled and the Parma-based dairy giant’s board to be removed, according to reports.
Parmalat has been given “no indication” of the timescale of the Guardia della Finanza – the Italian Tax Police – investigation into Parmalat’s May 2012 acquisition of Lactalis American Group (LAG).
Three men, including a police officer, have been arrested and charged in regards to a large-scale US cheese smuggling and distribution operation in Canada.