Italy’s Parmalat has stepped up its bid to merge its Australian operation, Pauls, with rival Dairy Farmers.
Just a week after an Australian court found that the board of Dairy Farmers had engaged in misleading and deceptive conduct by not informing its members of the full details of the Parmalat offer, the Italian food giant set out on a two-week roadshow to present its bid to 5,000 farmers across three states.
Ironically, the Dairy Farmers management received the Parmalat offer on 31 August when it was out on a roadshow of its own to present restructuring plans (see DII 64(9)5) for background).