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Last Updated: Monday, 3 October 2005, 16:52 GMT 17:52 UK
Parmalat set to return to market
Man passing shelves containing Parmalat long-life milk
Parmalat collapsed after a 14bn euros accounting hole
Trading in Parmalat shares will resume on Thursday, almost two years after a huge accounting scandal forced the collapse of the Italian dairy firm.

Italy's industry minister Claudio Scajola said Parmalat could return to the stock market after a court approved a share restructuring plan on Saturday.

Parmalat was placed into administration in 2003 after a 14bn euro (9.5bn; $17bn) hole was found in its accounts.

Founder Calisto Tanzi is standing trial on related criminal charges.

The Italian Stock Exchange in Milan said Parmalat would be listed alongside the market's blue chip stocks, with each of the firm's 1.6bn shares valued at 1 euro (0.68, $1.19).

Last obstacle

The trial of Mr Tanzi and 15 others accused of accounting fraud and market rigging got underway earlier this month, but was soon suspended.

Parmalat was delisted in December 2003 after the black hole was found in its accounts.

On Saturday, the firm's creditors received legal approval for a plan to swap 12bn euros in debt into shares, pending the way for its relisting.

The final hurdle before re-entering the stock market was cleared on Monday, when Italy's stock market regulator said Parmalat had provided the extra documentation needed to complete its relisting prospectus.

Once Parmalat has relisted, its new shareholders are expected to call a meeting at which new management will be appointed.

Earlier on Monday Enrico Bondi, the government-appointed administrator who has been running the company for the past 18 months, had said he hoped that the firm's shares could be relisted as swiftly as possible.

Some analysts have speculated that Parmalat could immediately become a takeover target.


SEE ALSO:
Parmalat: Timeline to turmoil
28 Sep 05 |  Business
Parmalat fraud trial is suspended
28 Sep 05 |  Business


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