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Wednesday, March 16, 2011

CORRECTED - Parmalat up on tie-up speculation, (PLT), (ISP)

Shares in Italy's Parmalat SpA (PLT.MI) hit a 35-month high on Wednesday, boosted by speculation about a domestic tie-up for the dairy group to keep it out of foreign hands. Newspaper reports have said that Parmalat, Italy's biggest listed food company, had drawn interest separately from French dairy group Lactelis and Brazil's Lacteos. Intesa Sanpaolo SpA (ISP.MI), Italy's biggest retail bank and a Parmalat shareholder, is open to taking part in an Italian consortium that could tie up with Parmalat, said Corrado Passera, the lender's chief executive.