Milan | Reuters — France’s Lactalis has not secured the 90 per cent stake in Parmalat it needed to press ahead with plans to delist the Italian food company, a filing showed Tuesday.
On the last day of an extended bid on shares it did not already own, the French dairy group reached an overall 89.63 per cent stake in the Italian company, a filing from the Italian bourse showed.
Parmalat was relaunched in 2005 after going bankrupt following a financial scandal and Lactalis won control of it in 2011.
The French company said in December it sought to buy the 12.26 per cent of Parmalat it did not already own with the aim of delisting the group.
Last month Lactalis had raised the price of the shares on offer to three euros (C$4.30) per share after complaints from some investors that its previous bid undervalued the Italian group.
— Reporting for Reuters by Francesca Landini and Elisa Anzolin.