ITALY: Concerns over Parmalat board prompt sale - shareholders
Lactalis has raised its Parmalat stake
Three funds have entered into an agreement to sell their 15.3% stake in food and beverage producer Parmalat to Lactalis, because their plans to elect a "highly-qualified board" have been "compromised".
In January this year, Zenit Asset Management, Skagen, and Mackenzie Financial Corporation entered an agreement to jointly file and vote for a slate of candidates to be appointed to the board of directors and the board of statutory auditors of Parmalat.
However, last week, when Lactalis took its initial 11.42% stake in the Italian dairy and drinks manufacturer, it said that it would also present a series of candidates for Pamalat's board of directors.
The three funds said today (22 March) said that Lactalis' announcement to "build substantial shareholdings" have led to an "increased risk of a split board and of an inefficient governance".
Following the transaction, Groupe Lactalis will hold around 29% of Parmalat.
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