Lazard and Mediobanca are believed to be preparing a fire-sale of non-core assets of scandal-hit Parmalat, the Italian food group under investigation for fraud.

Under newly-created Italian insolvency law, passed specifically in the wake of the Parmalat crisis, Enrico Bondi, now running Parmalat as administration commissioner, and Italian industry minister Antonio Marzano are empowered to sell assets without the approval of shareholders or creditors.