June 19, 2006
Venezuela plans to purchase Parmalat unit

(AFX Europe Focus) - "Venezuela plans to buy the local subsidiary of the Italian dairy conglomerate Parmalat SpA, the Vice president of Venezuela said.

José Vicente Rangel told the state-run news agency that Venezuela would establish a state-run business and give local Parmalat employees a share of the company after purchasing the subsidiary. Rangel did not provide details of the planned acquisition (...)

Parmalat operates seven production plants and 20 distribution centers in this South American country of 26 million inhabitants. The Parma-based company produces powdered milk, juices, yogurt and cheese among other goods (...)".