Italy gives go-ahead for French firm's takeover of Parmalat

13th May 2011, Comments 0 comments

Italy's market regulator on Friday gave its go-ahead for a takeover of Parmalat dairy company by it French rival Lactalis, following weeks of tensions over the proposed 3.4-billion-euro deal.

The public offer to purchase Parmalat shares will take place between May 23 and July 8, the Consob agency said in a statement.

Lactalis has already bought a 29-percent stake in Parmalat in a move that raised nationalist opposition in Italy.

© 2011 AFP

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