March 27, 2019
ROME (Reuters) – An Italian administrative court has rejected a request from Citibank to block the delisting of shares in diary group Parmalat from the Milan bourse, court documents seen by Reuters showed.
Parmalat’s main shareholder Sofil is seeking to take the Parma-based group private after raising its stake to 95.8 percent and buying out minority shareholders.
The move is opposed by Citibank, which is seeking 345 million euros ($389 million) from Parmalat as compensation in a lawsuit and could receive the sum in the form of shares.
The U.S. bank turned to the administrative court earlier this month asking for a suspension of decision by market regulator Consob and the Milan bourse, which had given a green light to the delisting.
(Reporting by Domenico Lusi; writing by Francesca Landini, editing by Silvia Aloisi)