Milk cartons are shown in a supermarket in Rome on April 1, 2011.
Credit: Reuters/Max RossiMILAN | Sun 6: 20 am EDT on May 1, 2011
Milan (Reuters) - watchdog Consob Italy market is to speed up its consideration of the brochure offer presented by the milk French Lactalis Italian rival group Parmalat (PLT.)(My), head of the Consob said in a newspaper interview on Sunday.
"We will examine the (brochure) quickly, even before the legal time limit," Giuseppe Vegas was quoted as saying in La Stampa.
According to the Italian law that CONSOB has 15 days to look at an acquisition offer but you can ask for more time if you need more information. Lactalis presented documents with Consob on Friday.
Lactalis has said that it will pay 2.60 euros per share, a total of 3.4 million euros (US $5 million), to buy 71 percent of Parmalat already does not belong.
Italy's largest food group has called an extraordinary meeting on Tuesday to discuss the offer Lactalis, newspaper Il Sole 24 Ore said on Saturday.
Government sources said last week that a group of Italian companies had abandoned plans to make a counter bid for Parmalat and holding State Cassa Depositi e Prestiti could safeguard the national interests through the purchase of a stake of 10 percent.
"It would be difficult to imagine (takes CDP) a game rather than the details of the operation are clear," Vegas said in the La Stampa interview.
Asked if he was in favour of reducing the threshold of ownership of 30 per cent of Italy to demand a complete offer, Vegas said could be considered a lower level, "which companies are authorized to introduce defensive rules in their statutes."
(Reports by Stephen jewkes;) (Editing by Greg Mahlich)
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