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13-year dispute draws to a close as Tetra Pak pays Parmalat $16m

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By Jenny Eagle+

11-Jan-2017
Last updated on 12-Jan-2017 at 16:45 GMT2017-01-12T16:45:01Z

Parmalat packages milk brand Pauls in Tetra Brik Edge carton. Picture: Parmalat Russia.
Parmalat packages milk brand Pauls in Tetra Brik Edge carton. Picture: Parmalat Russia.

A 13-year dispute has drawn to a close after Tetra Pak agreed to pay Parmalat, with no admission of liability, €16m ($16.72m).

The alleged incident refers to a short-term loan Tetra Pak paid to Parmalat of €15m over a four-month period from April to August 2003.

'Clawback action'

Parmalat refers to the loan on p20 in a report published on October, 6, 2005.

It says: ‘The Extraordinary Commissioner also sued Tetra Pak International S.A., instituting a claw back action with reference to a loan transaction conducted in April 2003, pursuant to a loan agreement by which TetraPak International granted Parmalat Finance Corporation BV a loan of €15m.

‘The agreement was also signed by Parmalat S.p.A., as guarantor of Parmalat Finance Corporation BV. The action seeks to recover the sum of approximately €15.1m that Parmalat Finance Corporation BV paid to TetraPak International on 4 August 2003.’

Chris Huntley, senior VP, communications, Tetra Pak, confirmed the settlement was agreed in an Italian Court on December 22, 2016, regarding a claw back action filed in 2005 against Tetra Pak and said Parmalat-Lactalis remains as a customer of Tetra Pak.

Lactalis Group

“This settlement relates to events that took place more than a decade ago. Although we do not agree with the ruling of the Court, we have now reached a settlement and can put this behind us,” Huntley said.

Parmalat, which is listed on the Italian Stock Exchange, produces and distributes milk, dairy products (yogurt, cream based sauces, desserts and cheese) and fruit beverages.

It was acquired by the Lactalis Group in 2011. Last week, Lactalis launched a bid to buy all the remaining shares in the company.

Parmalat has reached an agreement aimed at composing amicably the claw back action filed in 2005 by Parmalat Finance Corporation B.V. in Extraordinary Administration and Parmalat S.p.A. in Extraordinary Administration (joined by Parmalat at a later stage) against Tetra Pak,” the company said in a statement.

A clawback is an action whereby an employer or benefactor takes back money that has already been disbursed, sometimes with an added penalty.

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