Parmalat SpA on Thursday defended its acquisition of Lactalis American Group, which some shareholders had criticized as too expensive, by saying that the U.S. company's 2012 earnings justify the $900 million acquisition price.
Parmalat was replying in a statement to a report in an Italian newspaper that questioned the price of the acquisition, which was completed in July. The deal is also at the centre of a judicial probe in Italy.
The Italian dairy company said year-end EBITDA forecasts for Lactalis American Group were in a range of $90 million to $95 million, which it said justified the price tag of the controversial deal.
Parmalat, which is majority-owned by French cheesemaker Lactalis, agreed in May to buy Lactalis American Group for $904 million, or 9.5 times the 2012 EBITDA forecast of $95 million.
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