SAO PAULO, June 25 (Reuters) - A Brazilian appeals court confirmed on Monday that only private arbitration may decide whether France’s Groupe Lactalis SA may proceed with the acquisition of dairy company Itambé Alimentos SA, according to court documents seen by Reuters. An arbitration at the Brazil-Canada Chamber of Commerce will decide if the acquisition broke a former shareholders agreement in Itambé. The Brazilian dairy company was controlled by Vigor Alimentos SA, owned by Mexico’s Grupo Lala SAB de CV, and cooperative CCPR. CCPR acquired the 50 percent stake owned by Vigor late last year, and soon after the first deal announced a second one, the sale of 100 percent of the company to the French group. Lala alleges the negotiation broke the shareholders agreement in Itambé. (Reporting by Tatiana Bautzer Editing by Leslie Adler)
A Brazilian appeals court says private arbitration at the Brazil-Canada Itambe Alimentos is to decide whether French company Groupe Lactalis can acquire Brazilian dairy Chamber of Commerce. The decision follows a dispute that arose when co-operative CCPR bought 50% of Itambe from former joint owner Vigor Alimentos, itself owned by Mexican company Grupo Lala, to control the whole company. Soon afterwards CCPR sold 100% of Itambe to Groupe Lactalis, but Lala claims negotiations for the deal broke a shareholder agreement concerning Itambe.