Parmalat, the Italian dairy giant, has reached a settlement with the country’s fourth-largest bank over a dispute linked to its financial collapse in 2003.
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The agreement, announced today (4 August), means UniCredit Group will pay Parmalat EUR229.7m (US$357.7m) in settlement.
Consequently, Parmalat is ceasing all actions to void and actions for damages that it has filed or could file in the future against the UniCredit Group.
Similar settlement agreements have also been executed by the banks of UniCredit and the Parmatour Group, Parma Associazione Calcio and other companies of the old Parmalat Group currently under extraordinary administration.
Pursuant to these agreements, UniCredit will pay EUR37m to the companies of the Parmatour Group, EUR4m to Parma Associazione Calcio and EUR1m to the other companies including Streglio, Eliair, Parmalat Molkerei and Deutsche Parmalat.
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By GlobalDataParmalat and UniCredit expressed their satisfaction at the agreement but could not be reached for comment when contacted today.
