Parmalat's shares plunged in Piazza Affari, with a loss of 3,7% shortly after 13 pm, at 2,496 euros, a price well below that of the takeover bid launched by Lactalis (2,6 euros). To sink the shares, the news that the maxi compensation of 4 billion from Standard & Poor's will not arrive. Yesterday the Court of Milan only partially accepted the requests of the Collecchio group against The MCGraw Hill Companies, the company that owns the rating agency.
The American company was ordered to repay 784 euros, i.e. the fees received for the investment grade rating attributed to the group from November 2000 until just before the crash in 2003. The company will also have to repay the legal costs. Instead, the Court rejected the claim for damages and the counterclaims made by The MCGraw Hill Companies. When the reasons for the Court's decision are known, Parmalat will evaluate the possibility of new actions.
S&P commented on the ruling by reiterating that it was the victim of massive and systematic fraud perpetrated by several former Parmalat executives, many of whom now face criminal convictions: “The perpetrators of this deception and not Standard & Poor's were responsible for any losses suffered by investors and Parmalat,” the rating agency underlined in a statement.
