Parmalat's shareholder funds are once again criticizing the acquisition of Lag, also raising doubts about the price adjustment process. The CEO of the Collecchio group, Yvon Guerin, reaffirms the correctness of the company's work.
Arturo Albano, of Talete Corporate Governance Consulting, in the meeting on behalf of 23 funds representing 3,3% of the capital, said that "there are still too many gray areas on the acquisition of Lag". Albano spoke during the meeting convened to approve the 2012 budget and to rule on the replacement of director Antonio Sala. He reiterated his criticisms of the price Parmalat paid to Lactalis to acquire Lag and underlined that "the impression of a company managed in the prevailing interest of the majority shareholder" persists.
Lactalis controls 82,4% of the Collecchio group. The representative of the funds then highlighted some critical issues relating to the price adjustment, underlining that the company's latest decisions "do not change the impression that the real purpose of the operation was to transfer the cash from Parmalat to Lactalis".
Parmalat's CEO, Yvon Guerin, defended the decisions taken by the board of directors in the transaction. "We have always provided our fullest cooperation to the judicial authority in convincing us of the correctness of our work," he said.
