With shares in the publishing group making up around 7.3 percent of the total, referring to the “outcome [of the bid] and the events that determined it,” Della Valle said he would “ask all assigned authorities to be reassured, and with me the whole market, on whether all has taken place in full respect of the rules. I hope that every step will be analyzed in a vigilant and very detailed way, and in light of the impending deadline of the procedures, with the necessary speed.”
The entrepreneur 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 Tod’s chief executive officer Della Valle; Italian financier Andrea C. Bonomi, whose Investindustrial controls the Sergio Rossi brand, and Mediobanca, among others.
Cairo, who started his career selling advertising for former Prime Minister Silvio Berlusconi’s media group, founded Cairo Communication two decades ago and controls Giorgio Mondadori Editore, TV channel La 7 and also publishes popular gossip weeklies, travel, gardening and art magazines.
For years, Della Valle openly criticized the management of RCS, whose jewel in the crown is the historical daily Corriere della Sera, working to shake up the establishment. He repeatedly squabbled with Italian carmaker Fiat Chrysler Automobiles chairman John Elkann until the latter exited investments in RCS in March.
RCS also includes Spain’s El Mundo and sports daily La Gazzetta dello Sport.
RCS shares gained 2.48 percent to 0.90 euros, or $0.99 at current exchange rates, in late morning trading on Wednesday. Cairo Communication shares were up 2.86 at 4.09 euros, or $4.51.