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Lactalis may acquire Parmalat
29 April 2011: Lactalis has submitted a Euro 3.4 billion (approx Rs 22,100 crore) takeover bid for Parmalat. The company has recently raised its shareholding in Parmalat to 29 per cent – just short of the threshold for a mandatory takeover bid. Now it has decided to cross the line and has offered Euro 2.60 a share to acquire Parmalat in full. A deal will create a dairy company with an annual turnover of Euro 14 billion (approx Rs 61,600 crore). For Lactalis, acquiring Parmalat could offer up big synergies as there is significant cross over in the Italian and European activities of the two companies.
Source: Foodnavigator