MILAN, March 11 Activist funds aiming to
overhaul the board of Italian dairy group Parmalat (PLT.MI) in
a bid to boost growth named a slate of nine directors on
Investment funds Mackenzie Financial Corp, part of Canada's
IGM Financial (IGM.TO); Norway's Skagen AS; and Zenit Asset
Management AB want to revamp the 11-member board when
shareholders of Parmalat, one of Italy's leading food
companies, meet on April 12.
The funds hold a combined 15.2 percent of Parmalat and have
said they want to boost growth and shareholder value.
The three funds have nominated Rainer Masera, 66, the head
of the economics department at Rome's Guglielmo Marconi
University, to be chairman, they said in an e-mailed
The funds nominated Massimo Rossi, 68, a former chief
executive of Swedish Match (SWMA.ST), to be deputy chairman. He
also would serve as interim chief executive until a replacement
for current CEO Enrico Bondi was found, the statement said.
The funds have pushed Bondi, the architect of Parmalat's
rebirth after its high-profile collapse in 2003, to grow the
dairy group through acquisitions.
On March 2, the funds denied a newspaper report that they
were talking to French dairy group Lactelis or any other party
about a sale of their stake. [ID:nLDE7210RU]
Two Brazilian newspapers reported on Thursday that Parmalat
was holding merger talks with food group Lacteos Brasil in a
deal valued at up to $3.4 billion.
Lacteos Brasil is majority owned by Laep Investments
MILK11.SA and GP Investments GPIV11.SA, the biggest Latin
American private-equity firm. [ID:nN1097527]
(Reporting by Ian Simpson; Editing by Bernard Orr)