Stricken Italian dairy giant, Parmalat appeared to have turned the corner on Thursday, when it began trading again on the Milan Stock Exchange following its delisting and near collapse two years ago.
According to reports, the firm's shares opened at EUR3.15, and fell to EUR3.07 by the end of trading, leaving the firm valued at more than four times its market capitalization level in December 2003.
The administrator appointed by the Italian government to turn Parmalat around, Enrico Bondi announced that he would be stepping down on November 5, stating that it was time to "let the market do the talking".
However, the Italian authorities are understood to be keen to see Mr Bondi assume a permanent role within the company.
Observers have suggested that Parmalat's share value is likely to increase if settlements are reached in its numerous lawsuits against the banks and audit firms alleged to have played a part in the company's collapse.
.Tags: Italy | Italy
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment