Lactalis bids $4.92 billion to acquire Parmalat
April 26, 2011
by Keith Nunes
PARIS — The French dairy company The Lactalis Group has announced an unsolicited €3.38 billion ($4.92 billion) bid to acquire the outstanding shares of the Italian dairy company Parmalat. If successful, the acquisition would create one of the largest dairy companies in the world with annual revenues of approximately €14 billion.
The unsolicited bid has garnered the attention of Italian government authorities who recently passed new regulations to protect companies in sectors of the Italian economy government authorities determined to be strategic. Parmalat was designated as a strategic company under the new rules.
In a statement, The Lactalis Group said “We have an ambitious project for growth at Parmalat, to make a standard-bearing Italian group in consumption milk around the world, with headquarters, organization and management in Italy.”