Parmalat accepts 270 mn euros from Unicredit: Bank
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 on Friday.
By Agencies |
MILAN: 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 on Friday.
The deal, worth $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 company's collapse in 2003 ranks as one of Europe's biggest financial scandals. More than 14 billion euros went missing from the group's accounts, wiping out the savings of around 135,000 people in Italy.
The dairy group had accused several international banks of having arranged bond issues, knowing that the company was insolvent, in order to recuperate some of their own loans.
The deal, worth $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 company's collapse in 2003 ranks as one of Europe's biggest financial scandals. More than 14 billion euros went missing from the group's accounts, wiping out the savings of around 135,000 people in Italy.
The dairy group had accused several international banks of having arranged bond issues, knowing that the company was insolvent, in order to recuperate some of their own loans.
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