The battle to control Italian publishing group RCS continues.
Following the filing of a petition at Milan’s district attorney office, on Wednesday Diego Della Valle deposited an appeal at the Lazio region’s Administrative Regional Court in reference to the sale of RCS. Last Friday, Italy’s bourse watchdog Consob gave the green light to Cairo Communication’s tender offer to control the publishing group, which includes Italy’s daily Corriere della Sera and the Spanish El Mundo.
A week ago Tod’s chief executive officer Della Valle, who holds a 7.3 percent share in the publishing group, raised doubts about the legitimacy of the outcome of Cairo’s bid.
As reported, Urbano Cairo, founder of Cairo Communication, has gained 48.8 percent of the shares tendered in a takeover bid, succeeding over International Media Holding, a group of shareholders that acquired 37.7 percent of the shares. This included Della Valle; Italian financier Andrea Bonomi, who manages Investindustrial controlling the Sergio Rossi label, and Italian bank Mediobanca, among others.