MILAN, Feb 25 (Reuters) - Italian dairy company Parmalat said on Tuesday a majority of its board members had resigned despite the fact that a Parma court had rejected a request from prosecutors to remove the board.
Magistrates have been looking into Parmalat’s acquisition of Lactalis American Group (LAG), a North-American cheesemaking unit of Lactalis - the French dairy group that also owns Parmalat.
Parmalat agreed in 2012 to buy LAG in a deal that angered minority shareholders, who accused Parmalat’s management of acting in the parent company’s interest by overpaying for LAG.
“We are resigning ... in the sole interest of the company in order to allow it to operate in a serene and constructive climate,” Parmalat said in a note citing a letter by the board members.
The board will step down once shareholders approve 2013 results.