The offer of French food giant Lactalis to buy out Amber Capital's Parmalat shares has been rejected, Reuters reported Friday.
Lactalis, which has a controlling share in the long-life milk company, hit a stumbling block when hedge fund manager Amber Capital decided its per-share offer of €2.80 was too low.
Amber Capital controls 3% of the company, while the Lactalis Group owns 87.74%. The French firm wishes to delist the Collecchio-located firm from the Milan Stock Exchange. Its aim is to provide Parmalat 'with a new dynamic, which can be more easily and effectively achieved in the long-term without recourse to the stock market.’
Amber Capital portfolio manager, Arturo Albano told Reuters, "We believe the price of Lactalis' offer is too low and does not reflect the real value of Parmalat."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. Click subscribe to sign up for ESM: The European Supermarket Magazine