Parmalat accepts 270m euros from Unicredit
Sunday, 3 August 2008
MILAN, Aug 2 (AFP): Italian food group Parmalat has accepted a 271.7-million-euro payment from Unicredit in exchange for withdrawing the company's legal actions against the bank stemming from Parmalat's 2003 collapse, Unicredit said Friday.
The deal, worth US$423 million, "brings to an end uncertainties and costs of a complex dispute (but) in no way carries any acknowledgement of responsibility," a Unicredit statement said, adding that the bank's conduct regarding Parmalat had always been "correct."
Parmalat and several of its former subsidiaries have also agreed to abandon all rights to future compensation action.
Parmalat has concluded around 20 deals of a similar nature, bringing in more than 1.8 billion euros since 2005.
The deal, worth US$423 million, "brings to an end uncertainties and costs of a complex dispute (but) in no way carries any acknowledgement of responsibility," a Unicredit statement said, adding that the bank's conduct regarding Parmalat had always been "correct."
Parmalat and several of its former subsidiaries have also agreed to abandon all rights to future compensation action.
Parmalat has concluded around 20 deals of a similar nature, bringing in more than 1.8 billion euros since 2005.