PRESS DIGEST- New York Times business news - May 30
May 30 The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
MEXICO CITY Oct 7 Mexican dairy company Lala plans to price its almost $1 billion IPO on Oct. 15, according to an investor presentation made by executives on Monday.
Lala, among the biggest dairies in Latin America, is seeking to raise capital to expand its distribution and prepay some bank debt, according to regulatory filings.
Lala has a well-recognized brand name in Mexico with just over half of the country's market for milk and cream and about a third of the market for pre-packaged cheese, according to AC Nielsen figures cited by the company.
"Lala is one of the most public companies in Mexico without being public," company President Eduardo Tricio told potential investors.
The company is selling a stake of over 18 percent and plans to issue up to 511,111,111 shares, including an over-allotment option, at a price of between 23.50 pesos and 27.50 pesos a share.
The IPO could raise up to 13 billion pesos ($996.33 million).
The dairy company's IPO comes amid a record rash of stock listings in Mexico.
May 30 Ryanair Chief Financial Officer Neil Sorahan: