GREEN LIGHT: Italy’s bourse watchdog Consob on Friday said there was no reason to suspend Cairo Communication‘s tender offer to control RCS MediaGroup.
The decision comes after Tod’s chief executive officer Diego Della Valle raised doubts on Wednesday about the outcome of the bid, requesting “all assigned authorities” to reassure him and the market “on whether all has taken place in full respect of the rules.” This was followed by other bidder International Media Holding’s own petition to verify any alleged irregularities.
This is the latest development in the battle to control the Italian publishing group, whose jewel in the crown is the storied daily Corriere della Sera.
Della Valle has a stake of around 7.3 percent of the total and said that “only when every aspect of this issue will be really clarified, I will [evaluate] how to manage my investments in RCS in the future.”
As reported, Cairo Communication founder Urbano Cairo has gained 48.8 percent of shares tendered in a takeover bid, succeeding over International Media Holding, a group of shareholders that acquired 37.7 percent of shares and included Della Valle; Italian financier Andrea C. Bonomi, whose Investindustrial controls the Sergio Rossi brand, and Mediobanca, among others.
Cairo founded Cairo Communication two decades ago and controls Giorgio Mondadori Editore, TV channel La 7 and publishes, as well, popular gossip weeklies, travel, gardening and art magazines.
RCS also includes Spain’s El Mundo and sports daily La Gazzetta dello Sport.