Milan, Feb 18, 2009 - Italian dairy group Parmalat has reached an accord with the Banco Popolare Group for 24.2 million euros, the two groups said in a statement on Wednesday.
"(The agreement) settles all transactions and claims against the banks belonging to the former Banco Popolare di Verona e Novara Group prior to the date when Parmalat was declared insolvent," the statement said.
The cash will be paid from funds set aside in previous years, with no negative impact on the bank group's income statement.
Parmalat collapsed under under 14 billion euros of debt in 2003 after uncovering a 4 billion euro hole in its accounts. It was restructured and relisted on the Milan bourse in 2005.