Martedì, 16 Ottobre 2018

Marchionne calls Fiat investment in RCS 'strategic'


Turin, July 8 - Fiat Group Chief Executive Sergio
Marchionne on Monday called the automaker's investment in the
troubled Italian publishing-house RCS Mediagroup a "strategic"
"It is strategic, otherwise we would not have invested so
much," Marchionne told journalists on the margins of an industry
conference in Turin.
RCS Mediagroup, owner of national dailies Corriere della
Sera and La Gazzetta dello Sport as well as other media
companies, is seeking a 400-million-euro capital increase, which
financial sources said on Friday had been 85% underwritten by
existing shareholders.
The remaining 15% that went unsubscribed as part of the
rights issue will be sold directly on the Italian stock market
over five trading sessions starting from Wednesday, the sources
Earlier this month, Fiat, a minority shareholder in RCS,
levered the fundraising maneuver to increase its stake from 10%
to a possible 20%, acquiring the options on the open market as
well as roughly 3% worth from other participants in RCS's
majority-shareholder pact, to which Fiat belongs.
Taking a 20% stake would make Fiat the largest single
shareholder of RCS.
Leading shareholders in RCS Mediagroup include Fiat,
Pirelli, merchant bank Mediobanca, fashion entrepreneur Diego
Della Valle - who owns a controlling stake in luxury-goods maker
Tod's - and the Benetton family.

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