Parmalat Finanziaria's Austrian unit to sell stake in NOM

By Jeff Pines

Washington, April 30 - Parmalat Finanziaria SpA said its Austrian subsidiary penned an agreement to sell its stake in NOM AG for the equivalent of €37.6 million to Raiffeisen-Holding Niederösterreich-Wienreg GenmbH, a Vienna-based bank.

Parmalat Austria GmbH's proposed sale of its 25% stake plus one share will become effective once the following conditions are met: a Vienna court lifts the sequestration order on NOM shares, the settling of an agreement over the supposed right of collateral claimed by Raiffeisen Zentralbank Osterreich AG over NOM shares, the waiver of all of NOM's claims for damages against Parmalat, and Parmalat or its Austrian unit not exercising their option rights over 50% of NOM's shares.

Parmalat expects the sale to close by Dec. 15.

The Italian dairy company recently received Italian government approval to sell its 89.79% stake in Parmalat Thailand Ltd. to Campina International BV.

Parmalat has said it hopes to have a reorganization plan ready to present the Italian minister of productive activities in May or June.

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