PARMA, Italy (Reuters) - Italian dairy firm Parmalat (PLT.MI: Quote, Profile, Research) is looking at deals in Australia, Chief Executive Officer Enrico Bondi said, without specifying any targets in the country where Dairy Farmers is up for sale.

"In Australia there is a consolidation process which we need to participate in," Bondi told shareholders at the annual meeting on Wednesday. "If there are (opportunities) we will buy."

Bondi added that the No. 2 two operator in the dairy sector was for sale in Australia, without mentioning a name.

Analysts have cited Parmalat as a potential bidder for Australian milk and cheese producer Dairy Farmers, which put itself up for sale in February.

The Australian company had said there was wide interest in a potential deal, which could be worth A$800 million-A$1 billion ($743 million to $929 million).

Parmalat is worth about 4.1 billion euros -- about the same size as the hole in its accounts which triggered its collapse under a mountain of debt in 2003. Bondi has turned it around, selling non-strategic assets and improving its product mix.

Parmalat has also successfully sued several banks that worked with the previous management, and proceeds from lawsuit settlements helped the company more than triple its consolidated net profit in 2007.

"We are not predators but we have cash, which allows us to consider expansion," Bondi told shareholders.

Analysts have said other potential bidders for Dairy Farmers include unlisted New Zealand dairy firm Fonterra, Australian food group Goodman Fielder (GFF.AX: Quote, Profile, Research) and Singapore's Olam International (OLAM.SI: Quote, Profile, Research).