The merger between Centrale del Latte di Torino (CLT) and Centrale del Latte di Firenze, Pistoia e Livorno (CLF) completed as expected on 30 September 2016. The new entity, Centrale del Latte d’Italia (CLI), has been formed and is now the third largest dairy/cheese player in Italy. Since the two businesses are complementary, it gives scope for synergies as new products can be distributed across both platforms. We maintain our forecasts and valuation, which have taken into account the merger.