Swiss Bank UBS Raises Stake in Parmalat
By admin on Oct 3, 2008 in Swiss Banking
UBS, the Swiss bank, raised its stake in Parmalat, the Italian food company, to 5.1 percent, making it the biggest investor in the company.
UBS, based in Zurich, increased its holding from 2.6 percent on Sept. 25, according to a filing with Italian stock market regulator, Consob. Rebeca Garcia, a UBS spokeswoman, said the holding was “not a strategic investment.” Parmalat had no comment. Parmalat collapsed in December 2003 in Italy’s biggest bankruptcy. Investigators later discovered debt had topped more than 14 billion euros ($19 billion), or about eight times the amount previously reported.
Sorry, comments for this entry are closed at this time.