Parmalat to buy LBR units

Parmalat to buy LBR units


Creditors to Lacteos Brasil (LBR) have approved a bid from Parmalat to buy certain units producing cheese and long-life milk, the buyer said on Friday. Parmalat is to pay BRL250m ($109.77m) for the LBR units which had proforma revenues of BRL580m last year. The deal comes after years of negotiations: the pair was heard to be in discussion over a potential merger in 2011. Parmalat said in September last year that it would abandon talks to acquire LBR, as the “conditions for completing this transa

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