Lactalis and Parmalat
拉克塔利斯与帕玛拉特
Hard cheese
硬奶酪
One of France's most pugnacious companies is poised to seize Parmalat
法国最凶悍的公司之一准备吃掉帕玛拉特
[color=grayMay 5th 2011 | PARIS | from the print edition | Business
JUST weeks ago Italian politicians seemed determined to stop Lactalis, a French dairy giant, from taking control of Parmalat, Italy's biggest manufacturer of milk products. Backed by a government decree, Parmalat delayed its shareholder meeting to win more time to fight Lactalis, which had amassed a 29% stake. On April 26th Lactalis offered �.4 billion ($5 billion) for the whole firm. The chances of an Italian solution are now fading fast. This week, in a nod tothe French, Silvio Berlusconi, Italy's prime minister, said the firm's takeover offer complied with market rules.
几周前，意大利政府似乎决定要阻止拉克塔利斯（Lactalis）这家法国的乳制品巨头对帕玛拉特的收购，后者是意大利最大的乳制品企业。在政府法令的支持下，帕玛拉特推迟了股东大会，这为与Lactalis争斗赢得了时间，拉克塔利斯已经积累了29％的股份。4月26日，为收购整个公司开价34亿欧元（约50亿美元）。一个意大利式的解决方式现在正在迅速消失。 本周出于对法国的同意，意大利总理贝卢斯科尼声称，对于公司的收购要遵守市场规则。
Some Italian businesspeople are relieved to see the government drop its protectionist attitude. "Having a foreign investor is good for all Italian companies and shows the market is open and functioning," says Alessandro Grimaldi, a senior partner at Clessidra Capital Partners, a private-equity firm in Milan.
一些意大利商人们很高兴看到政府放弃保护主义的态度。Clessidra Capital Partners（位于米兰的一家私人资产公司）的资深人士Alessandro Grimaldi说，"有外国投资者对于意大利的企业来产是一件好事，这表明市场是开放的，运营良好的。"
If Lactalis carries off Parmalat it will create the world's biggest producer of milk products, including cheese. The dairy industry is rapidly consolidating as demand grows in the emerging world. The Europe-oriented Lactalis covets Parmalat's strong positions in Canada, Australia, South Africa and South America, where it wants to cross-sell its own brands. Parmalat, which now sells mostly milk products, such as UHT milk, will benefit from Lactalis's leadership in higher-margin cheese to increase its own production.
如果拉克塔利斯成功收购帕玛拉特，这将会诞生世界上最大的乳制品和奶酪企业。当乳制品的需求增加时，乳制品企业在新兴市场中正在快速地强化。对于帕玛拉特在加拿大，澳大利亚，南非和南美的强势地位，以面向欧洲市场的拉克塔利斯对此垂涎三尺，后者想在这些地区销售自己的品牌。帕玛拉特现在主要销售的是奶制品，例如超高温灭菌奶牛奶，而拉克塔利斯在高利润的奶酪方面却有着领导地位，帕玛拉特将从这方面获益，提高自己的产量。
Parmalat and the Italian dairy industry may get a shock when the French arrive from Laval, the small town in the west of France where Lactalis is headquartered. Lactalis is disliked and feared by suppliers, customers and competitors for its toughness in negotiations. It drives a particularly hard bargain with farmers over the price of milk. When it bid �.4 billion for Yoplait, a yogurt brand, in November last year, France's government wanted it to succeed and keep the brand French. But Sodiaal, a farmers' co-operative group which owned half of Yoplait, rejected Lactalis because of its history of pushing down milk prices. America's General Mills seems to have got Yoplait instead and the French government partly blames Lactalis and its tactics.
拉克塔利斯的总部位于拉瓦尔，是一个法国的西部小镇，来自这个地方的法国会让帕玛拉特和意大利的乳品行业感到震惊。对此，拉克塔利斯并不受欢迎，供应商，消费者和竞争对手也很恐惧它在谈判中的难缠。它会在牛奶价格上与农民进行专门的讨价还价。去年11月份，当它为收购酸奶品牌Yoplait出价14亿欧元时，法国政府希望它能为法国继承并保持该品牌。不过一个农民合作社组织Sodiaal，该组织拥有Yoplait一半的股份，拒绝了拉克塔利斯的收购，因为该公司曾经有压低牛奶价格的历史。美国的General Mills似乎已经取代拉克塔利斯得到了Yoplait了，法国政府将总分原因归咎于拉克塔利斯极其策略。
Lactalis may put pressure on Italian farmers too. Italian milk is Europe's most expensive (see chart), because of the country's lower-yielding breeds of cows and the smaller size of Italian farms. "In a negotiation on behalf of Parmalat, Lactalis can threaten to bring in a higher share of milk from other countries," says Michele Baldelli, an analyst at Exane BNP Paribas in Milan. The French firm, which is known for its ultra-efficient cheese factories, is also likely to cut costs at Parmalat's plants.
拉克塔利斯或许也会压榨意大利农民。意大利牛奶是欧洲最昂贵的（见图表），因为该国的奶牛是一种产奶量低的品种，并且农场规模偏小。米兰Exane BNP Paribas的一位分析师Michele Baldelli说，"谈判是为了帕玛拉特的利益，拉克塔利斯可以用进口更多的外国牛奶作为威胁。"
Before Parmalat collapsed in 2003 in Europe's biggest bankruptcy, it was considered one of the dairy industry's most promising firms and ranked among the five biggest. Its current chief executive, Enrico Bondi, put it back on its feet and relisted it in 2005. But Mr Bondi was too conservative, say critics. Even though Parmalat had a pile of cash from legal settlements with banks and auditors, he failed to make acquisitions. The firm remained relatively small and an obvious target for takeover. Lactalis, by contrast, has bought 30 companies since 2005. Italian milk may soon be coming in some new flavours.
帕玛拉特在2003年的破产案是欧洲最大的破产案，案发前，它曾被认为是最有前景的公司之一，是同行业五个中最大的企业。目前的总裁是Enrico Bondi，他让又让公司生存了下来，并重新上市。不过批评家们说，Bondi太过于保守。尽管帕玛拉特通过和银行和审计机构的资产协议获得一笔不菲的现金，但他仍没有进行收购。公司仍然相对较小，成为了明显的被收购对象。相比之下，拉克塔利斯自2005年以来已经收购了30家公司。意大利牛奶或许很快就会出现新口味了。
拉克塔利斯与帕玛拉特
Hard cheese
硬奶酪
One of France's most pugnacious companies is poised to seize Parmalat
法国最凶悍的公司之一准备吃掉帕玛拉特
[color=grayMay 5th 2011 | PARIS | from the print edition | Business
JUST weeks ago Italian politicians seemed determined to stop Lactalis, a French dairy giant, from taking control of Parmalat, Italy's biggest manufacturer of milk products. Backed by a government decree, Parmalat delayed its shareholder meeting to win more time to fight Lactalis, which had amassed a 29% stake. On April 26th Lactalis offered �.4 billion ($5 billion) for the whole firm. The chances of an Italian solution are now fading fast. This week, in a nod tothe French, Silvio Berlusconi, Italy's prime minister, said the firm's takeover offer complied with market rules.
几周前，意大利政府似乎决定要阻止拉克塔利斯（Lactalis）这家法国的乳制品巨头对帕玛拉特的收购，后者是意大利最大的乳制品企业。在政府法令的支持下，帕玛拉特推迟了股东大会，这为与Lactalis争斗赢得了时间，拉克塔利斯已经积累了29％的股份。4月26日，为收购整个公司开价34亿欧元（约50亿美元）。一个意大利式的解决方式现在正在迅速消失。 本周出于对法国的同意，意大利总理贝卢斯科尼声称，对于公司的收购要遵守市场规则。
Some Italian businesspeople are relieved to see the government drop its protectionist attitude. "Having a foreign investor is good for all Italian companies and shows the market is open and functioning," says Alessandro Grimaldi, a senior partner at Clessidra Capital Partners, a private-equity firm in Milan.
一些意大利商人们很高兴看到政府放弃保护主义的态度。Clessidra Capital Partners（位于米兰的一家私人资产公司）的资深人士Alessandro Grimaldi说，"有外国投资者对于意大利的企业来产是一件好事，这表明市场是开放的，运营良好的。"
If Lactalis carries off Parmalat it will create the world's biggest producer of milk products, including cheese. The dairy industry is rapidly consolidating as demand grows in the emerging world. The Europe-oriented Lactalis covets Parmalat's strong positions in Canada, Australia, South Africa and South America, where it wants to cross-sell its own brands. Parmalat, which now sells mostly milk products, such as UHT milk, will benefit from Lactalis's leadership in higher-margin cheese to increase its own production.
如果拉克塔利斯成功收购帕玛拉特，这将会诞生世界上最大的乳制品和奶酪企业。当乳制品的需求增加时，乳制品企业在新兴市场中正在快速地强化。对于帕玛拉特在加拿大，澳大利亚，南非和南美的强势地位，以面向欧洲市场的拉克塔利斯对此垂涎三尺，后者想在这些地区销售自己的品牌。帕玛拉特现在主要销售的是奶制品，例如超高温灭菌奶牛奶，而拉克塔利斯在高利润的奶酪方面却有着领导地位，帕玛拉特将从这方面获益，提高自己的产量。
Parmalat and the Italian dairy industry may get a shock when the French arrive from Laval, the small town in the west of France where Lactalis is headquartered. Lactalis is disliked and feared by suppliers, customers and competitors for its toughness in negotiations. It drives a particularly hard bargain with farmers over the price of milk. When it bid �.4 billion for Yoplait, a yogurt brand, in November last year, France's government wanted it to succeed and keep the brand French. But Sodiaal, a farmers' co-operative group which owned half of Yoplait, rejected Lactalis because of its history of pushing down milk prices. America's General Mills seems to have got Yoplait instead and the French government partly blames Lactalis and its tactics.
拉克塔利斯的总部位于拉瓦尔，是一个法国的西部小镇，来自这个地方的法国会让帕玛拉特和意大利的乳品行业感到震惊。对此，拉克塔利斯并不受欢迎，供应商，消费者和竞争对手也很恐惧它在谈判中的难缠。它会在牛奶价格上与农民进行专门的讨价还价。去年11月份，当它为收购酸奶品牌Yoplait出价14亿欧元时，法国政府希望它能为法国继承并保持该品牌。不过一个农民合作社组织Sodiaal，该组织拥有Yoplait一半的股份，拒绝了拉克塔利斯的收购，因为该公司曾经有压低牛奶价格的历史。美国的General Mills似乎已经取代拉克塔利斯得到了Yoplait了，法国政府将总分原因归咎于拉克塔利斯极其策略。
Lactalis may put pressure on Italian farmers too. Italian milk is Europe's most expensive (see chart), because of the country's lower-yielding breeds of cows and the smaller size of Italian farms. "In a negotiation on behalf of Parmalat, Lactalis can threaten to bring in a higher share of milk from other countries," says Michele Baldelli, an analyst at Exane BNP Paribas in Milan. The French firm, which is known for its ultra-efficient cheese factories, is also likely to cut costs at Parmalat's plants.
拉克塔利斯或许也会压榨意大利农民。意大利牛奶是欧洲最昂贵的（见图表），因为该国的奶牛是一种产奶量低的品种，并且农场规模偏小。米兰Exane BNP Paribas的一位分析师Michele Baldelli说，"谈判是为了帕玛拉特的利益，拉克塔利斯可以用进口更多的外国牛奶作为威胁。"
Before Parmalat collapsed in 2003 in Europe's biggest bankruptcy, it was considered one of the dairy industry's most promising firms and ranked among the five biggest. Its current chief executive, Enrico Bondi, put it back on its feet and relisted it in 2005. But Mr Bondi was too conservative, say critics. Even though Parmalat had a pile of cash from legal settlements with banks and auditors, he failed to make acquisitions. The firm remained relatively small and an obvious target for takeover. Lactalis, by contrast, has bought 30 companies since 2005. Italian milk may soon be coming in some new flavours.
帕玛拉特在2003年的破产案是欧洲最大的破产案，案发前，它曾被认为是最有前景的公司之一，是同行业五个中最大的企业。目前的总裁是Enrico Bondi，他让又让公司生存了下来，并重新上市。不过批评家们说，Bondi太过于保守。尽管帕玛拉特通过和银行和审计机构的资产协议获得一笔不菲的现金，但他仍没有进行收购。公司仍然相对较小，成为了明显的被收购对象。相比之下，拉克塔利斯自2005年以来已经收购了30家公司。意大利牛奶或许很快就会出现新口味了。
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