Parmalat, UniCredit Reach €271M Deal

Law360, New York (August 1, 2008, 12:00 AM EDT) -- Italian bank UniCredit SpA has agreed to pay Parmalat SpA €271.7 million to settle claims relating to the dairy giant's near collapse, the two companies announced Friday.

Under the deal, UniCredit will pay the dairy company €229.7 million to settle any claims relating to Parmalat’s insolvency. A total of €42 million will be divided among Parmalat's tourism and soccer arms as well as other creditors, the two companies said.

Parmalat said in a statement that it was ceasing all actions against UniCredit.

In a statement on...
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