French dairy group Lactalis secured 83.3 per cent of Italian peer Parmalat SpA after a buyout that ended yesterday, moving closer to creating the worlds biggest dairy company.

Lactalis bought 54.3 per cent of Parmalat, Italys biggest listed food group, in the €2.5 billion buyout. It already owned 29 per cent.

Parmalat said it would remain a listed company.

The buyout offer of €2.60 a share was aimed at getting Lactalis at least 55 per cent of Parmalat. – (Reuters)