Parmalat Probed For Failure To Sell Unit

Law360, New York (December 10, 2007, 12:00 AM EST) -- Parmalat SpA has become the target of an antitrust investigation by Italy's competition watchdog, after the dairy giant repeatedly failed to follow an order requiring it to sell off a subsidiary that posed threats to competition.

Finding that Parmalat did little to explain why it missed the Oct. 30 deadline for divesting dairy unit Newlat Srl, the Italian Competition Authority on Friday rejected the company's request for an extension that would have given it until the end of June to shed the subsidiary. The order came...
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