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EU approves Lactalis takeover of Parmalat
The takeover would see Lactalis become the world's top dairy company.
After examining the takeover bid, the EU executive concluded it would not harm competition in Italy or any other European Union nation, the source said.
An announcement by Lactalis in March that it had acquired an almost 29% stake in Parmalat, or de facto control of the firm due to its varied share structure, caused a rumpus in Italy.
Faced with opposition from the Italian government, Lactalis subsequently launched a takeover bid at €2.60 a share, running from 23 May to 8 July, for 55% of the capital.
The public offer was rejected by Parmalat's board on grounds it "did not fully reflect" the value of the company.
But on Monday, the head of Italian bank Intesa Sanpaolo, which owns around 2.4% of Parmalat and made a failed bid to counter the Lactalis takeover, said it was "likely" it would sell its stake to Lactalis.
Source: AFP
Source: I-Net Bridge
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