BusinessBusiness RecoveryParmalat to relist on Milan stock market

Parmalat to relist on Milan stock market

Reborn dairy group to relist as lawsuits against banks continue

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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