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Dairy’s big cheese Lactalis places £3bn bid on Parmalat Tuesday, 26th April 2011
France’s second largest cheese producer Lactalis has offered EUR3.4 billion, (£3 billion) for the remaining 71 percent of Italy’s Parmalat it doesn’t own.
Shares in the Italian dairy giant rose 11.25 percent to EUR 2.572 on the Milan stock exchange following the enouncement. The Lactalis offer comes in at a 12.5 percent premium on Parmalat stocks at EUR 2.60 a share.
Lactalis chairman Emmanuel Besnier said: “We have an ambitious growth plan for Parmalat, making it the Italian company of reference in the dairy market,”
If Lactalis’ offer is accepted the combined annual turnover for the dairy giants would amount to EUR 14 billion, making it the global leader in the sector.