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Home English Consob tells Ei Towers it plans to reject bid for RAI Way

Consob tells Ei Towers it plans to reject bid for RAI Way

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© ANSA

(ANSA) Milan, April 2 - Financial market regulator Consob
has given Ei Towers transmission tower provider an "advance
warning of rejection" of the Mediaset-controlled company's
proposed takeover of RAI Way, the owner of the signal
transmission and broadcasting network of state-run broadcasting
network RAI, officials said Thursday.
Consob said the upcoming formal rejection of the bid was on
the ground that RAI wants to retain a controlling 51% interest
in Rai Way, meaning Ei Towers request for a minimum 66.7% stake
is not feasible.
Ei Towers said it would submit its "observations and
determinations" to Consob on the bid within 10 days" and that
the company will take "due note of the new facts that have
happened since the promotion of the offer".
Shareholders in EI Towers Friday approved a capital increase
to boost funds for the proposed takeover.
Mediaset is controlled by ex-premier Silvio Berlusconi and
the proposed deal has been controversial.
Consob on Friday suspended the process which involves a bid
for the transmission tower operations of State broadcaster RAI.
The Italian government has said RAI must retain 51%
ownership of Rai Way while EI Towers initially bid in February
to purchase two-thirds.

photo: Ei Towers CEO Carlo Barbieri

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