Italy Prosecutors Want Parmalat US Deal Cancelled

Italian prosecutors have asked for the board of Parmalat to be removed and its $900 million acquisition of a U.S. dairy group last year to be cancelled.

Parmalat, majority owned by French cheesemaker Lactalis, is facing both criminal and civil legal inquiries into last May's intra-group deal.

Prosecutor Gerardo Laguardia told reporters that colleagues had asked a civil court to appoint a judicial administrator to run the Italian dairy company for 4-5 months, replacing the current board of the company.

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