Lactalis launches Parmalat bid

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26 April 2011 Last updated at 04:25 ET

French dairy firm Groupe Lactalis has launched a 3.4bn euro ($4.9bn; £3bn) takeover bid for Italian rival Parmalat.

Lactalis says it plans to keep Parmalat, Italy’s biggest listed food group, trading on the Milan stock exchange.

The company says it will pay 2.6 euros per remaining Parmalat share. Lactalis already owns 29% of Parmalat.

Trading in Parmalat shares was suspended ahead of the statement.

The battle for control of Parmalat has become a hot political issue in Italy, with the company becoming bound up in issues of national identity amid fears over the strength of French foreign investors in Italy.

French President Nicolas Sarkozy is due to meet Italian Prime Minister Silvio Berlusconi to discuss tensions over migrants from North Africa in Rome on Tuesday, and it is understood that Parmalat will also be discussed.

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Lactalis launches Parmalat bid