Italian companies are reportedly not preparing a counter bid for Parmalat, the country’s largest dairy processor, which is subject to a EUR3.4bn takeover offer from France’s Lactalis.

Reuters today (27 April) cited sources within the Italian government as saying no rival bid is being lined up for Parmalat, a business some ministers have labelled as “strategic” to the country’s economy.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

However, state financial holding Cassa Depositi e Prestiti could acquire a minority stake in Parmalat to protect Italian interests, Reuters reported the sourced as saying.

Yesterday, Lactalis, which owns a near 29% stake in Parmalat, tabled a full takeover offer for the company worth EUR3.4bn (US$4.98bn).

The French dairy giant has faced opposition from some Italian politicians and business operators over its shareholding in Parmalat.

Lactalis’s stake building prompted concern that one of Italy’s “strategic” companies could fall into foreign ownership. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Rome passed an emergency decree allowing companies based in Italy to delay shareholder meetings – a move said to be a way of giving Parmalat time to consider its options – and the Italian firm pushed back its meeting until June.

The Italian government also indicated that it wanted a “consortium” of domestic companies and banks to keep Parmalat in Italian hands.

Since Lactalis’s investment, reports in Italy have speculated that domestic banks could buy into Parmalat to prevent the French firm from taking control.

Amid the speculation, earlier this month, reports also claimed Parmalat could buy smaller rival Granarolo before being taken over by a national consortium, although at the time Parmalat declined to comment.