Parmalat bids farewell to the Milan Stock Exchange. Sofil acquired 6,175% of the share capital, thus rising to 95,8%. Hence the delisting, given that Sofil, as stated in a note, "does not intend to proceed with the restoration of a free float sufficient to ensure the regular progress of trading of Parmalat ordinary shares".
In detail, Sofil purchased 114.546.237 Parmalat ordinary shares, equal to 6,175% of the share capital at a price of 2,85 euros each, with the execution date scheduled for December 5th.
For the French company, the obligation to acquire all the Parmalat shares still outstanding, equal to 4,084% of the capital, is triggered. The price will be equal to the higher of the highest price paid by Sofil for the purchase of Parmalat ordinary shares in the last year (2,85 euros per share) and the weighted average market price of the last six months.
