Paemalat has reached a settlement with Deloitte & Touche and Dianthus over their role in a 2003 accounting scandal that brought the company to the brink of collapse.

Deloitte & Touche and Dianthus have agreed to pay Parmalat a total consideration of US$149m. In return, Parmalat has withdrawn its claims for damages and Deloitte & Touche and Dianthus have dropped all counter claims.

"Both Parmalat SpA and Deloitte & Touche SpA express their satisfaction at the settlement which will set in place the conditions for a mutually beneficial future relationship. Parmalat SpA and Deloitte & Touche SpA look forward to working together," the companies said in a joint statement.

Parmalat has now reached settlements with a number of European financial institutions in its bid to regain some of the capital it lost in 2003, when the company was forced to default on debts of more than EUR14bn.