Lactalis Ups Stake In Parmalat But Could Be Prevented From Making Full Acquisition

French dairy firm Lactalis has announced that it has increased its stake in Italian dairy producer Parmalat to 29%. Lactalis announced on March 17 that it had built up an 11.4% stake through an equity-swap deal and on March 22 revealed it had built up its position to just under the 30% threshold needed to trigger a mandatory tender offer. The firm acquired the additional stake for EUR744mn (US$1.1bn) from a trio of international funds that had been attempting to oust Parmalat's board. The move is the latest in the series of takeovers in Italy by French firms, a trend

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