Parmalat has increased its presence in the Iberian peninsula with the purchase of a majority stake in Spanish dairy processor Clesa.
The Italian food giant has also announced plans to strengthen its position in North and Latin American markets as it mounts an aggressive expansion strategy.
Parmalat has bought a 51% share in Clesa, which is already 22% owned by Spanish rival Puleva. The Italian company said it may take its stake up to 75% on completion of due diligence. It would also consider buying Puleva’s share in the company, Parmalat finance director Fausto Tonna told an analysts meeting, but only if the price were right.
Also at the meeting, Tonna laid out plans for trans-Atlantic expansion.