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Lactalis launches buyout bid to delist Parmalat from Milan

Staff Writer |
Lactalis said it was launching a buyout offer for shares in Italian group Parmalat it does not already own, with the aim to delist the company from the Milan stock exchange.

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Sofil - the investment vehicle of the Besnier family that owns Lactalis - said it would continue to support Parmalat's growth, adding that this goal would be easier to reach with a smaller shareholder base.

Shares in Parmalat, based outside Parma and best known for its long-life milk, jumped more than 10 percent to touch their highest level in more than nine years.

Sofil said the buyout offer targeted 12.26 percent of Parmalat. The price represents a premium of 8.5 percent on Parmalat shares' closing level of December 23.

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