After weeks of speculation, Italy’s biggest listed food company Parmalat is now officially the subject of a Eu3.4bn (£3bn) takeover bid from French dairy company Groupe Lactalis
Last month, Lactalis bought 29 per cent of the Italian company, which had revenues last year of Eu4.3bn and profit of Eu285m. This latter figure was down from Eu521.5m in 2009. Parmalat – which specializes in dairy products, fruit juices and vegetables – employs somewhere in the region of 14,000 people worldwide.
Lactalis has now offered 2.6 euros per share for the rest of the company and trading has on Parmalat has been suspended.
The matter is expected to be discussed when French President Nicolas Sarkozy meets with Italian Prime Minister Silvio Berlusconi in Rome today.
Lactalis is most famous for its Président brand of cheese. It employs 33,500 people globally.