No delisting for Parmalat. The reopening of the terms for accepting the takeover bid expired today without the Lactalis takeover bid managing to reach 90%. In the five additional days, 706.349 shares were contributed, equal to 0,03% of the capital. Bankitalia, which with about 0,5% of the capital could have tipped the balance, therefore did not adhere to the offer. Overall, Lactalis' stake therefore stops at 89,6% of the capital considering that the French group already held over 87% and that the first phase of the tender offer closed with 34,36 million shares equal to 1,85% of the capital.
Lactalis had launched the tender offer on 27 December last, proposing to the shareholders a price of 2,8 euros per share, which was then adjusted to 3 euros per share on 9 March, given that subscriptions were in hiding. However, the increase was not enough to convince the shareholders. The Amber and Gabelli funds, which together hold a stake close to 5%, had explained in recent days that the price increase was not sufficient and that they were aiming for a price between 3,8 and 4,5 euros per share. Bankitalia preferred not to take a position, which holds its share in the ordinary management of the listed share portfolio of Palazzo Koch which tends to replicate the main market indices net of the banking, insurance, financial services and media sectors. And the French have failed to convince the other minority shareholders.
Parmalat therefore remains listed on the Stock Exchange. In theory, the French will be able to try the delisting again later with an operation
different, such as a merger between Parmalat and an unlisted vehicle.
