Parmalat and Intesa Sanpaolo Group in settlement agreement
Parmalat S.p.A. and Intesa Sanpaolo S.p.A. communicate that today agreement has been reached which settles all reciprocal claims that led to litigation arising from operations in the period preceding the insolvency declaration of the Parmalat Group (December 2003). The settlement brings all pending revocatory and damages actions and all reciprocal claims eventually to be filed to an end. Intesa Sanpaolo Group will pay a total amount of euro 310 million.
Furthermore, Parmalat S.p.A. communicates that an agreement has been reached with Cassa di Risparmio di Parma e Piacenza S.p.A. (“Cariparma”) which settles all reciprocal claims with the companies under extraordinary administration procedures and Parmalat on one hand, and Cariparma on the other hand, with withdrawal of all pending or possible revocatory and damages actions with payment by Cariparma of a total amount of Euro 83 million.
Within the same framework an agreement has been reached for the settlement of the revocatory actions against Biverbanca S.p.A., with withdrawal of all actions and payment of a total amount of Euro 3 million.
Similar settlements have been reached between the Intesa Sanpaolo Group and Cariparma on one side and the Commissioner of the Extraordinary Administration of the Parmatour Group and of Parma Associazione Calcio and of the other companies of the former Parmalat Group still in Extraordinary Administration on the other side. These agreements establish the withdrawal of all the pending and potential actions by the Extraordinary Commissioner and:
- The payment by the Intesa Sanpaolo Group of an amount of Euro 12.5 million to the Parmatour Group under Extraordinary Administration and the payment of an amount of Euro 2.5 million to Parma Associazione Calcio under Extraordinary Administration and the payment of a total amount of Euro 2 million to the other companies under Extraordinary Administration;
- The payment by Cariparma of an amount of Euro 2.5 million to the Parmatour Group under Extraordinary Administration and the payment of an amount of Euro 2.5 million to Parma Associazione Calcio under Extraordinary Administration and the payment of a total amount of Euro 2 million to the other companies under Extraordinary Administration;
Parmalat and Intesa Sanpaolo and the Extraordinary Commissioner express their satisfaction on the settlement.
Milan, December 22nd, 2007
Parmalat Corporate Contacts:
Intesa Sanpaolo Corporate Contacts:
Last updated 22 December 2007 at 15:37