Italian Police Conduct Company Searches In Parmalat Probe-ANSA
May 11 2011 - 6:16AM
Dow Jones News
Italy's tax police have started to search the premises of up to
eight companies in Italy as part of an ongoing investigation into
possible market rigging related to French dairy firm Groupe
Lactalis SA's purchase of a 29% stake in Parmalat SpA (PLT.MI),
domestic news agency Ansa reports Wednesday.
Milan's public prosecutor opened an investigation in March after
Lactalis built up its stake in its smaller Italian peer over the
course of a week.
Lactalis has since made an offer to buy the rest of Parmalat.
Parmalat's board has asked for a fairness opinion before presenting
the offer to its shareholders.
When news of the investigation broke in March, Lactalis, whose
advisor on the offer is French investment bank Societe Generale SA
(GLE.FR), said it had operated correctly in its purchase of the 29%
stake.
Spokespeople for Lactalis and Societe Generale in Milan weren't
immediately able to comment on the latest news of the searches. The
Italian police didn't immediately respond to a request for
information.
-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821-9908;
gilles.castonguay@dowjones.com
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