For the final decision will not come until 9 th May. Parmacotto, a company specialized in cured meat, has revealed it is nearly in the stage of talks about a possible acquisition deal. The screening is being overseen by the Rosi family directly with the support of two advisories.
According to the documentation filed in court, the company’s financial debts amounted to €132 million at the end of 2013 year. Hence, Parmacotto may go one of two ways: on one hand there is the choice of a debt restructuring agreement with the bank and suppliers; on the other hand there is the agreed payout of debt proposal. The Rosi family and advisories are currently most likely considering an acquisition at the least. Pending the decision of the Rosi family, the Citterio Group has already has spurned an offer. The meat maker Amadori, the cured meat producer Rovagnati and the Spanish Campofrio, owner of Fiorucci brand, are the other competitors in the deal.
Citterio Group is one of the leading companies in cured meat sector in the Italian market, where it runs 8 production plants and has total revenues of about €380 million, thanks to three core business: Salumificio Citterio, Bellentani and Leoncini San Daniele del Friuli. The company also has a branch in Pennsylvania, Usa, where it is present with all of its own brands. Mr. Umberto Citterio and Mr. Mario Citterio guided the board which has recently set out approval to invest in Parmacotto company. It is up to the Rosi family and consultants whether to take up the offer or not.
