BPM to pay Parmalat 25 mln eur to settle all legal claims UPDATE |
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Fri, 02 Feb 2007 17:27
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(Updating to add BPM comments on financial impact of settlement)MILAN (AFX) - Banca Popolare di Milano and Parmalat SpA said they have reached an accord to settle all their legal claims, under which BPM will pay 25 mln eur to Parmalat.The agreement encompasses a 34 mln eur clawback claim that Parmalat filed against BPM itself and its unit Cassa di Risparmio di Alessandria, and Parmalat's damage action against BPM brokerage unit Bank Akros, they added.BPM, Cassa di Risparmio di Alessandria, and Banca Akros have also dropped their credit claims towards Parmalat.Separately, BPM said in a statement that the settlement does not impact on its guidance for the 2006 full-year net result, given also the provisions it made until Sept last year.danilo.masoni@thomson.comdm/lamCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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BPM to pay Parmalat 25 mln eur to settle all legal claims 