Parmalat SpA Chief Executive Officer Enrico Bondi revived Italy’s biggest dairy company by reaping about 2 billion euros ($2.8 billion) from suing former creditors, including the nation’s biggest lenders. Now, his survival may depend on their support.
Parmalat SpA Chief Executive Officer Enrico Bondi is seeking Bank of America Merrill Lynch’s support for renewal of the dairy company’s board, Il Messaggero reported, without saying how it got the information.
Italy’s government declared dairy company Parmalat SpA “strategic,” and said it would seek to promote an Italian shareholder group in a bid to block France’s Groupe Lactalis from gaining management control.
A group of Parmalat SpA investors is considering pushing to replace Chief Executive Officer Enrico Bondi with a CEO who has more experience in the international food industry, three people familiar with the situation said.
Milan prosecutor Eugenio Fusco is probing movements of Parmalat SpA stock amid a battle for control that led to a 16 percent gain in the dairy company’s market value this year, said two people familiar with the probe.