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    Parmalat to relist on Milan stock market

    Parmalat to relist on Milan stock market

    Reborn dairy group to relist as lawsuits against banks continue

    Author Date published October 3, 2005 Categories

    Former Italian dairy giant Parmalat will relist on Milan’s stock market on
    Thursday.

    Its safe passage was cleared by Consob, the market watchdog, after Parmalat
    promised to add to its prospectus details of the myriad of lawsuits initiated
    following its spectacular collapse in 2003.

    According to the BBC, the prospectus has revealed that Parmalat is
    suing Credit Suisse First Boston for 7.1bn euros (£4.8bn; $8.5bn) in damages
    over the bank’s alleged role in the group’s collapse.

    Parmalat has already sued a number of former banks and accountancy firms for
    billions of euros, including Citigroup, Bank of America, UBS, and auditors Grant
    Thornton.

    The firm made a 248.3m euros claim against Credit Swiss First Boston last
    year, and it is not clear whether this new claim includes the smaller amount, or
    is in addition to it.

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