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Parmalat and UniCredit sign settlement

UniCredit announces that it has reached today a settlement with both Parmalat SpA (Taker in the Parmalat Settlement Agreement) and the Extraordinary Commissioner of the companies under Extraordinary Administration belonging to the Parmalat Group, Parmatour Group, Parma Calcio and other companies still under Extraordinary Administration, for all mutual relations and claims involving the UniCredit Group (including the former Capitalia Group) with reference to the period prior to the declaration of insolvency of the Parmalat Group and in relation with such insolvency.

Under the terms of the settlement, the UniCredit Group will pay the sum of € 271.7 million articulated as follows:

  • €229.7 million - current and potential revocatory actions and claims for compensations
  • €37 million - tourism sector (Parmatour)
  • €4 million - soccer sector (Parma Calcio)
  • €1 million - 42 companies in A.S.

UniCredit has further waived its rights to opposition proceedings and to authorized credits still outstanding. 

UniCredit wishes to confirm its conviction that its behavior in the matter has always been correct and that, in particular, the Group was never aware of the state of insolvency of Parmalat and the other companies in the Parmalat Group.

Accordingly, the decision to reach an out of court settlement is dictated exclusively by the intention to eliminate the costs and uncertainties associated with an extensive and complex dispute, and in no way constitutes an acknowledgement - either explicit or implicit - of any liability whatsoever.

The Extraordinary Commissioner has undertaken to waive any further revocatory actions or claims for compensation against UniCredit for contributing towards causing and deepening insolvency, by forgoing or withdrawing from any claims as civil party in criminal proceedings.

The Top Managements of Parmalat and UniCredit and the Extraordinary Commissioner have expressed their satisfaction with the agreement reached.

Milan, 1 agosto 2008


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