Martedì, 18 Settembre 2018

Italian president says not his place to comment on RCS


Rome, July 9 - Italian President Giorgio Napolitano
wrote that it was not his place to comment on ownership stakes
at the troubled publisher RCS Mediagroup in a letter released on
"It is my daily commitment to call all the representative
forces of this country to maximize foresight and cohesion in
this delicate phase of the nation's life," said Napolitano's
"Naturally it is not for me to comment on issues and
proposals referring to the self-determination of economic and
entrepreneurial entities and market judgement".
Napolitano's letter was a response to an appeal by shoe
magnate Diego Della Valle concerning stakeholder changes at RCS
Mediagroup, which owns Italy's largest newspaper of record, Il
Corriere della Sera, among other media assets.
Della Valle - who owns a controlling stake in the shoe and
luxury goods maker Tod's - is a minority shareholder in RCS
The entrepreneur has remained outside of a 58%
majority-shareholder pact and has objected to the way the
publisher's board pursued a 400-million-euro capital increase to
save it from bankruptcy.
During the underwriting process reserved for shareholders,
Fiat swooped on RCS options that could raise the automaker's
stake from 10% to 20% to become the publisher's largest single
Della Valle wrote to the Italian president saying, "Freedom
of opinion is endangered at an important part of the Italian
"I, and I believe many Italians, need to know your
thoughts (on RCS Mediagroup issues)," Della Valle added in the
letter released to the press on Monday.
The RCS Mediagroup capital increase was 85% underwritten by
existing shareholders, and the remainder of the rights issue
will be sold on the Milan bourse over five days beginning
Leading stakeholders in RCS Mediagroup include Pirelli, the
merchant bank Mediobanca and the Benetton family, in addition to
Fiat and Della Valle.

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