March 22, 2017 / 7:42 AM / 6 months ago

Lactalis extends offer on Parmalat shares

FILE PHOTO: Logo of the dairy group Lactalis are seen at the food exhibition Sial in Villepinte, near Paris, France, October 17, 2016. REUTERS/Charles Platiau

MILAN (Reuters) - Lactalis said on Wednesday it extended a buyout offer on Parmalat (PLT.MI) for a further five days, after the French dairy group failed to reach a 90 percent stake it needed in the Italian food company to request its delisting.

Lactalis, the world’s largest dairy firm, said in a statement it would reopen the offer on Parmalat shares from March 29 to April 4.

“The group, as majority shareholder in Parmalat, will continue to invest to add value to the company with a long-term industrial approach,” Lactalis said.

The French group bought 15.11 percent of Parmalat shares on offer, or 1.85 of the group, giving it a total of 89.6 percent in the company. But it did not reach the 90 percent threshold required to proceed, as intended, to delist the company.

Reporting by Giulia Segreti, editing by Isla Binnie

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