Parmalat, for Lactalis, quit negotiations to buy the LBR

Parmalat S.p.A., controlled by French for Lactalis, reported today that the company's Board of Directors decided not to proceed with the negotiations for the acquisition of the LBR in Brazil Dairy judicial reorganization, "because currently the conditions to complete this transaction cannot be met".
As it was found the value, due diligence had been closed last week, and the expectation of the controllers of Brazil in relation to Dairy trade developments was favorable.
The LBR is in reorganization since February this year, with debts of more than $ 1 billion, and was stating that a capital increase by for Lactalis would be the best solution for lenders.