The High Court of Ireland has approved a settlement between Italian dairy group Parmalat and its Irish subsidiary in liquidation Eurofood IFSC Ltd, resolving all claims.
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Under the agreement, in return for the issuance of nine million shares of Parmalat stock, Eurofood will waive all claims against Parmalat.
Eurofood will also withdraw its demands and assign to Parmalat all rights and claims it has against Parmalat de Venezuela and Indulac, including the claim arising from a loan of US$80m plus interest.
The spat between the two companies dates back to 2004 when the legal battle for control of the Irish unit of troubled Italian dairy group Parmalat was referred to the European Court of Justice.
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