France’s Groupe Lactalis will place a bid worth €3.38 billion for all the shares of Italian dairy group, Parmalat, which it does not already own, The Wall Street Journal reports. The company, owned by the Besnier family, will offer €2.60 a share for the remaining 71% stake.
Lactalis acquired a 29% stake in Parmalat in March 2011. The French group will require a €3.4 billion loan from a group of banks, including Crédit Agricole, HSBC, Natixis and Société Générale. After the deal, Lactalis intends to keep Parmalat’s headquarters in Italy and transfer some of the processed-milk business in France and Spain to the Italian group.
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