Italy Breaking News: Parmalat Should Cut LAG Price by $151 Million

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Italy Breaking News: Parmalat Should Cut LAG Price by $151 Million

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Italy Breaking News: Parmalat Should Cut LAG Price by $151 Million

by Wochit 1:04 mins

Italy Breaking News: Parmalat Should Cut LAG Price by $151 Million

by Wochit 1:04 mins

A court-appointed commissioner has recommended Italian dairy group Parmalat cut the price it paid to its parent company Lactalis to acquire its North American cheesemaking division by $151 million, a move that will please minority shareholders. Fashion designers Domenico Dolce and Stefano Gabbana were given a suspended jail sentence of one year and 8 months Wednesday after being found guilty of hiding $1.3 billion in income from tax authorities.The men were convicted by a court in Milan but given a suspended sentence, which means they will avoid prison as long as they commit no other crimes for five years. The-board-of Italy's biggest phone company approved a plan to hive off fixed-line network assets into a new company, a move that could help it raise cash and that could trigger a regulatory overhaul.

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