The Board of the Court of Parma has appointed a ad acta commissioner for the adjustment of the purchase price of Lag, the American subsidiary of Lactalis, by Parmalat, in turn controlled by the French giant. It's about Angelo Manaresi, who will join PricewaterhouseCoopers and the Board of independent experts, already appointed by the Committee for Internal Control, Risk Management and Corporate Governance, in its capacity as Related-Party Transactions Committee, and by the Board of Parmalat.
The commissioner will also be responsible for verifying that Parmalat's board, which retains all powers of ordinary and extraordinary administration, takes steps to implement all contractual self-protection measures contemplated by the acquisition agreement.
The appointment of Manaresi was arranged in the context of the proceeding initiated by the Prosecutor of Parma following the complaint presented by Amber Capital. The Court also ordered to prohibit the participation of the director Antonio Sala and the statutory auditors Alfredo Malguzzi and Roberto Cravero respectively in the meetings of the Board of Directors and of the Board of Statutory Auditors of Parmalat until the next shareholders' meeting, which will have to decide on their replacement.
According to the provisions of the Court, the board will also have to replace Marco Reboa in the Committee for Transactions with Related Parties.
