Lactalis's bid for Parmalat has angered Italy.The Associated Press
French dairy products maker Lactalis says Italy's stock market watchdog has given the green light to the company to proceed with its planned €3.4 billion ($4.8-billion) takeover of Italian counterpart Parmalat.
Michel Nalet, a spokesman for the Laval, France-based company, says the ruling Friday by Italian market regulator Consob means "the buyout process will start on May 23."
The Italian government had sought to avoid Lactalis' unsolicited takeover last month to protect one of the country's corporate titans. Lactalis responded by insisting the merged company would be built around Parmalat and its brand name.
Lactalis, the maker of Galbani and President cheeses, is offering €2.57 per share.