MILAN Feb 25 Italian dairy company Parmalat
said on Tuesday a majority of its board members had
resigned despite the fact that a Parma court had rejected a
request from prosecutors to remove the board.
Magistrates have been looking into Parmalat's acquisition of
Lactalis American Group (LAG), a North-American cheesemaking
unit of Lactalis - the French dairy group that also owns
Parmalat agreed in 2012 to buy LAG in a deal that angered
minority shareholders, who accused Parmalat's management of
acting in the parent company's interest by overpaying for LAG.
"We are resigning ... in the sole interest of the company in
order to allow it to operate in a serene and constructive
climate," Parmalat said in a note citing a letter by the board
The board will step down once shareholders approve 2013