Parmalat, the Italian dairy processor and owner of Australian dairy brand Paul’s, has turned down a bid from largest shareholder and French dairy giant Lactalis to buy the whole of the business. The company said that its board of directors had met yesterday (17 May) to review Lactalis’s EUR3.4bn (US$4.83bn) bid for the 71% of the group it does not already own. After looking at the offer and an analysis of the bid from advisers Goldman Sachs, Parmalat said its directors had “unanimously... ...Read more »

Lactalis has received the approval of Italy’s stock market regulator CONSOB for the French dairy giant’s takeover bid for local rival Parmalat.The green light from the regulator is a boost to Lactalis, which has faced political opposition in Italy since it first bought a stake in Parmalat in March. Lactalis, which owns 29% of Parmalat, tabled a EUR3.4bn takeover bid for the remainder of the business last month. Reports in Italy have said that the Parmalat board, which has hired Goldman... ...Read more »

Italian dairy group Parmalat has reported a rise in first-quarter profits as sales were boosted by higher volumes in Australia and Venezeula, and the weakness of the euro. Parmalat, which in Australia produces Paul’s, Vaalia, PhysiCAL, Oak, Ice Break and Breaka, booked a net profit of EUR 50 million (A$66.74 million) for the three months to March, an increase of 3.1% on the year. In an earnings release that made little mention of the full takeover bid for the company from shareholder and French... ...Read more »

Parmalat said today that it had hired Goldman Sachs to advise the company on the EUR3.38bn takeover offer from French rival Lactalis.The Italian dairy giant made the announcement this afternoon after a meeting of its board of directors. Last week, Lactalis, which owns a 29% stake in Parmalat, said it had made an offer for the rest of the business worth EUR2.60 a share. Lactalis bought its first shares in Parmalat in March in two transactions. The second transaction saw the company buy 15.3% of Parmalat... ...Read more »

Italian companies are reportedly not preparing a counter-bid for Parmalat, the country’s largest dairy processor and owner of Australian milk brand Paul’s, which is subject to a EUR3.4bn takeover offer from France’s Lactalis. Reuters yesterday 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. However, state financial holding Cassa Depositi... ...Read more »

An Italian court has backed Parmalat’s plan to delay a shareholder meeting that would likely have seen France’s Lactalis assume a greater role in the management of the Italian dairy firm, which owns Australian dairy giant Paul’s. Lactalis, which took a 29% stake in Parmalat last month, was expected to gain majority board representation at the company’s annual shareholder meeting – originally scheduled for the end of April – after it proposed a slate of directors... ...Read more »

Parmalat, the company behind iconic Queensland milk brand Pauls, is pleased to announce the success of its profit donating program which saw over $750,000 raised for Queensland flood relief. On Australia Day, Parmalat announced it would donate 100 percent of the profits from the Queensland sales of its Pauls branded fresh milk range, including Pauls Full Cream Milk, Smarter White, PhysiCAL, Trim, Skinny Milk and Breaka fresh flavoured milk products until the end of February. Parmalat Marketing Manager,... ...Read more »

Consumer research group Roy Morgan has weighed in on Australia’s supermarket ‘milk war’, with new statistics showing that purchasing of supermarket-branded milk is on the rise, particularly in the traditionally branded reduced-fat and no-fat market segments. 15.4 million Australians bought milk in the year to December 2010. According to Roy Morgan, 95% of milk buyers purchased milk over the past four weeks from a supermarket, 13% a convenience store and only 8% from the local milk... ...Read more »

French dairy group Lactalis has acquired an 11.42% stake in Italy-based rival Parmalat through an equity-swap deal. The French dairy now owns a 7.28% direct stake in Parmalat and has entered into an equity-swap agreement for a potential additional stake of up to 7%. Currently, under the equity swap agreement, Lactalis has taken 4.14% equity. Lactalis said on Thursday that it plans to develop a project that would allow the two groups to offer a full range of dairy products, adding that they both have... ...Read more »

The Queensland Dairyfarmer’s Organisation says that dairy farmers have been hit with the first impacts of the major supermarkets’ milk price war. After receiving their February milk cheques in the last week, the QDO says many Queensland farmers are facing a large drop in income for the month. They say that this drop in income can be directly linked to the $1/litre supermarket brand milk marketing campaign, initiated by Coles on Australia Day. Southern Queensland dairy farmers Peter Brown,... ...Read more »