ITALY: Parmalat bank settlements see shares rise
Shares in Parmalat rose by over 8% this morning (16 June) on news that the Italian dairy giant has settled all claims with Credit Suisse and USB in relation to its 2003 financial collapse.
"We are pleased that these claims have been settled," a spokesperson for the company told just-food. "We remain focused on building a profitable company."
Credit Suisse has agreed to pay EUR172.5m (US$266.7m) in a final settlement on all claims made by Parmalat against it in Italy, without admission of liability.
Meanwhile, UBS will pay Parmalat US$282.2m. This, Parmalat said, resolves all actions to void, actions for damages, actions to contest claims and late filing creditors relating to transactions with UBS before Parmalat was declared insolvent in 2003.
Parmalat has launched dozens of legal cases in Italy and the US against banking institutions that it claimed played a role in its 2003 financial collapse. Enrico Bondi, Parmalat's CEO, has been overseeing the turnaround of the group. He has accused some 50 defendants of helping prior Parmalat management hide debt and inflate results.
Following the announcement of these settlements, Parmalat share rose to EUR1.77 at time of press.
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