In the decisive hearing on September 25, in the civil proceeding of the Parma court on the Lag operation, the prosecutor will reiterate Parmalat's board of directors' requests for revocation and cancellation of the transaction, on the strength of the latest report by the ad acta commissioner Angelo Manaresi.
"We will insist for the revocation of the board of directors and for the cancellation of the operation, also in the light of the Manaresi report", declared today the prosecutor Gerardo Laguardia.
The commissioner's third report, filed on 9 September in response to the findings of the parties to his previous report, is for the prosecutor "confirmation of what were the hypotheses proposed by us and in favor of the prosecutor's thesis".
In the event of revocation of the board of directors, Laguardia explained that "the court will replace him", appointing a judicial administrator, and it is always up to the court to eventually “declare the operation as void”. The decision of the judges can of course be appealed.
In his third report, Manaresi reiterates the valuation of LAG he had already reached, ie 623 million dollars, and underlines that the analyzes of the Public Prosecutor's Office arrive at an even lower value, between 582 and 597 million dollars. Parmalat initially valued LAG at 904 million dollars, the price was later revised to 774 million last May.
"The value at which the acquisition was agreed between Lactalis and its subsidiary Parmalat is much higher to other possible and reasonable estimates”, writes the commissioner. “Since Parmalat is a publicly traded company, the damage to both small shareholders and to the credibility of the market has been very great,” concludes the report.
Parmalat shares recorded an increase of 0,65%.
