UniCredit SpA, Italy’s biggest bank, agreed to advise Ilva SpA, the country’s steelmaker involved in an environmental probe, on a new business plan the government- appointed commissioner is working on.
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.
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.
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.
Parmalat SpA fell for a third day as the Italian government prepared a law to make it more difficult for Groupe Lactalis to carry out a takeover after it gained a controlling stake in the Italian milk-products company.
Parmalat SpA gained in Milan trading after Groupe Lactalis said it may raise its stake in Italy’s largest dairy company, joining a battle for control with other shareholders, including Intesa Sanpaolo SpA .
Groupe Lactalis, France’s biggest cheesemaker, offered to pay 3.38 billion euros ($4.9 billion) in an unsolicited bid for the 71 percent of Parmalat SpA it doesn’t own to create the world’s largest dairy company.