Sao Paulo – Parmalat signed a binding agreement with BRF, a major Brazilian company operating in the food sector, for the purchase of eleven dairy division (milk products) plants owned by BRF in Brazil. The agreement was approved by the respective boards of directors. BRF’s dairy division turnover in 2013 amounted to about 2.6 billion reais (approximately €880 million). BRF granted Parmalat the exclusive rights to the facilities. The transaction, subject to fulfillment of certain conditions and regulatory approvals, will probably be worth 1.8 billion reais (approximately €610 million), “debt and cash free.” The acquisition will be financed entirely by Parmalat with its own resources. (9Colonne)
