Parmalat asks cut to LAG acquisition price, reviews 2012 results

MILAN Fri May 10, 2013 1:37pm EDT

MILAN May 10 (Reuters) - Italian dairy group Parmalat said on Friday its board had decided to request a $144 million cut to the acquisition price of sister company Lactalis American Group (LAG).

Parmalat has a May 31 deadline to agree with LAG over the final price.

In a statement, Parmalat said it had changed its 2012 results to take into account the effects of an April court ruling over the ownership of a unit.

As a result of the review, Parmalat cut its 2012 net profit to 80.1 million euros from 175.2 million euros and reduced its dividend proposal to 0.013 euros per share from 0.039 euros.

The company also released its first-quarter results, which showed a net profit of 55.8 million euros, against 33.4 million euros a year ago. (Reporting By Danilo Masoni; editing by Naomi O'Leary)

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