Venezuela’s vice president Jose Vincente Rangel told the state-run news agency recently that Venezuela is planning to buy part of the local subsidiary of Parmalat, the Italian dairy giant. Parmalat has said the country will purchase two of its seven production plants in Venezuela.

The country will establish a state-run business and give local Parmalat employees a share of the company after purchasing the subsidiary, Rangel said. Parmalat has seven production plants and 20 distribution centres in Venezuela.