Italy Raids Parmalat, Lactalis In Probe Of US Deal

Law360, Los Angeles (December 11, 2012, 7:57 PM EST) -- Italy-based dairy group Parmalat SpA and its French parent company, Groupe Lactalis SA, had their offices searched by Italian tax police on Tuesday, as part of a larger probe into the Italian company’s $900 million purchase of a U.S. unit in May.

On Tuesday, Italian police also searched the Italian offices of PriceWaterhouseCoopers, Mediobanca SpA and an unnamed law firm, according to media reports. Rumors of embezzlement surround the deal, which saw Parmalat purchase Lactalis American Group, a U.S.-based sister unit that manufactures cheese, according to...
To view the full article, register now.