Parmalat Finanziaria sells its stake in Thai subsidiary to Campina International

By Jeff Pines

Washington, April 15 - Parmalat Finanziaria SpA said it received the required government approval to sell its 89.79% stake in Parmalat Thailand Ltd. to Campina International BV.

The Italian dairy products company will only receive a symbolic $1 for the sale, and it will record a capital loss of €4.1 million.

Parmalat is in extraordinary administration, the Italian term for bankruptcy. The company has said it hopes to present a reorganization plan, which could swap debt for equity in a reorganized company, to the minister of productive activities in May or June.

Netherlands-based Campina, also a dairy products company, produces and sells products in Eastern Europe, Belgium, Spain and the United Kingdom.

According to the company's web site, the company's other East Asian operations are in China and Japan.

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