Lunedì, 15 Ottobre 2018

RCS rights offered on Milan bourse sell out 3 days early


Milan, July 11 - Remaining rights in RCS Mediagroup
on Thursday were snapped up on the Milan bourse - the second of
a five-day offering as part of a 400-million-euro capital
increase for troubled Italian publisher, which owns Italy's
largest newspaper of record, Il Corriere della Sera, among other
media assets.
RCS Mediagroup stock rose 1.8% on news of the early
placement, which concluded three days ahead of schedule.
The capital increase is part of a three-year turnaround
plan announced in April to save the publisher, which includes
selling off 250 million euros worth of non-core assets by the
end of 2014.
Existing shareholders underwrote 85% of the capital
increase, which first was reserved to them.
The automaker Fiat, a minority shareholder, levered the
underwriting process to increase its stake from 10% to 20.1%,
becoming the publisher's shareholder of reference.
Fiat did not buy any additional rights during the Milan
bourse offering, financial sources said.
Tod's shoe-magnate Diego Delle Valle, a leading shareholder
who has been at odds with the majority shareholder pact to which
Fiat belongs, also declined to fatten his stake during the
bourse offering, according to financial sources.
The 15 million rights sold on the Milan bourse since
Wednesday are equivalent to 45 million shares and 11% of the
publishing group's post-increase market capital.

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