Parmalat has ignored an invitation made by Australias Dairy Farmers to lodge a formal takeover bid, and is instead urging the New South Wales co-operative to continue merger discussions.
Last month Dairy Farmers broke off talks concerning the A$471 million (272m Euros) merger proposal, alleging the Italian group failed to supply sufficient information on which to assess the bid (see DII 65(3)9). Full disclosure is a legal requirement in a takeover offer.
But acquisition does not suit Parmalats plans