Granarolo to have Parmalat plan in a week -paper
[Reuters - 07/04/2011 09:40:28 MILAN, April 7 (Reuters) - Italian dairy company Granarolo will present a proposal within a week for the takeover of rival food group Parmalat (
PLT.MI), its chairman was reported as saying on Thursday.
Gianpiero Calzolari told Italian daily La Stampa Granarolo was in talks with bank Intesa Sanpaolo (
ISP.MI) to draw up a plan to prevent France's Lactalis -- which owns 29 percent of Parmalat -- from taking over Italy's biggest listed food group.
"I believe conditions are in place to create a big European champion in the milk sector. It was not always so but now it's different. We'll have a proposal within a week," Calzolari said.
The Granarolo chairman said the company would have to buy Parmalat shares "in order to have a say".
Asked about the role of Italy's state holding Cassa Depositi e Prestiti (CDP), Calzolari said it should be limited only to "bridge financing".
"We should avoid a permanent involvement," he said.
The Italian government last week approved a decree that allowed CDP to buy stakes in companies of national interest such as Parmalat. (
news) (
news)
At 0714 GMT shares in Parmalat had gained 0.62 percent to 2.28 euros. (Writing by Valentina Za;Editing by Hans Peters)
Keywords: PARMALAT GRANAROLO/