Deutsche Bank reduces Parmalat stake02/01/2004 - 17:34:36
Deutsche Bank announced today that it has reduced its stake in the collapsing Italian diary group Parmalat to below 2 % from 5.1%.
There has been recent speculation Deutsche's stake was given to the bank by Parmalat's controlling shareholders, the Tanzi family, as a guarantee for refinancing the company's €6bn gross debt.
Deutsche Bank's share in Parmalat had fueled speculation about the bank's possible involvement in the future of the indebted dairy producer.
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