Sector News

Lactalis ups price of buyout offer on Parmalat after complaints

March 13, 2017
Consumer Packaged Goods

French group Lactalis has raised the price of a buyout offer on shares in Italy’s Parmalat it does not already own to 3 euros per share after some investors complained that the previous offer was too low.

Lactalis’ investment vehicle Sofil, which had previously offered 2.8 euros for each Parmalat share, said on Thursday its revised offer would be extended until March 21.

Lactalis, which won control of Parmalat in 2011 amid failed efforts in Italy to mount a domestic counter bid, is seeking to buy the 12.26 percent of Parmalat it doesn’t already own with the aim of delisting the group.

By Silvia Aloisi

Source: Reuters

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