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.
Italian dairy processor, Parmalat, has been forced to withdraw its 2012 full-year financial report after a court in Rome annulled its acquisition of Italian fresh milk company, Central del Latte di Roma.
The $904m paid by Parmalat for sister business Lactalis America Group (LAG) could be cut by up to $144m if auditors deem the initial purchase price to be excessive, the Italian dairy giant has revealed.
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.
Parmalat is confident of a positive outcome in the civil hearing into its acquisition of Lactalis American Group (LAG) – despite yesterday’s request by prosecutors to remove the company’s board to enable the annulment of the deal.
The Italian headquarters of Parmalat and its owner, French dairy giant Lactalis, have been searched by Italian police as part of an investigation into Parmalat’s May 2012 intra-group acquisition of Lactalis American Group (LAG).
Parmalat has voiced confidence that “nothing wrong was done” in relation to its May 2012 intra-group acquisition of Lactalis American Group (LAG) – just hours after court proceedings surrounding the deal began in Italy.
Recent Italian moves to frustrate the Lactalis approach on Parmalat have prompted the head of EU antitrust policy to warn that, if necessary, he is determined to use EU powers to preserve the openness of the internal market.
The chances of Ferrero making a move on Parmalat to create an Italian food super-group have increased after the Italian government pushed through a decree to frustrate Lactalis’ bid to gain management control of Parmalat.
This week, sales improvements fail to offset higher costs pressures on dairy group Parmalat, Quebec authorities allow for the production of some raw milk cheeses and two UK dairy associations join forces.
Two former subsidiaries of Italian dairy group Parmalat have failed
in their attempts to win compensation from financial institutions
alleged to have played a part in its one time parent company's
Parmalat has stepped up legal proceedings against banks alleged to
have failed to prevent its 2003 financial collapse as it continues
its drive to re-establish itself as a leading global dairy company.