Parmalat Finanziaria sells Argentine operations

By Jeff Pines

Washington, Dec. 22 - Parmalat Finanziaria SpA said it sold its 99.9% stake in Parmalat Argentina SA to two companies controlled by Argentine entrepreneur Sergio Tasselli. His two companies are Molinos y Establecimientos Harineros Bruning SA and Industrias Argentinas Man.

Parmalat did not disclose the sale price.

The parties also signed a five-year licensing agreement that covers the use of trademarks owned by Parmalat.

Parmalat said the Italian government-approved sale will provide the company a stream of future revenues.

Parmalat filed for bankruptcy on Dec. 24, 2003.

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