Lactalis Makes €3.4 Billion Move on Parmalat
French dairy group Lactalis, which already owns 29% of Parmalat, has made a Eur3.38b offer for the remaining shares in the Italian food group. The move is sure to raise opposition in Italian political circles where Parmalat is viewed as a national asset and is the country’s biggest listed food company.
Lactalis is the world’s largest cheese producer and the third largest dairy group behind Nestle and Danone. Privately owned by the Besnier family, Parmalat had a turnover of Eur9.4b in 2010, with 60% generated outside of France where the group has a presence in over 140 countries. It already owns Galbani, Italy’s leading cheese producer, but had a recent Eur1.4b bid for French yoghurt group Yoplait rejected..
Parmalat’s revenue last year was about Eur4.3b and it is present in 16 countries. Its chief brands are Parmalat for UHT milk and dairy products and Santai fruit beverages.
