Parma, Italy – The European Commission has approved the Lactalis Group acquisition of Parmalat SpA.
According to the Wall Street Journal, the France-based Lactalis bought a 28.9 per cent stake in Parmalat in March and then launched a bid to purchase all of the company’s shares in May.
Lactalis is owned by the Besnier family, and is offering €2.60 (US$3.75) a share for the 71 per cent of Parmalat that it doesn’t already own.
Dairy Reporter.com says the offer, which ends on July 8, values Parmalat at nearly 3.38 billion Euros.
Lactalis employs 38,200 people and owns 126 industrial sites worldwide. Parmalat is a multinational food group with a presence in five continents. It has revenues of four billion Euros.