MILAN – The ball is in Diego Della Valle‘s court again. Urbano Cairo‘s winning bid to control RCS MediaGroup was not suspended by the Administrative Regional Court in the region of Lazio, Italy, because there are no grounds for believing there is any extreme gravity or urgency in the issue.
Last week, Della Valle deposited an appeal to the court, following an earlier filing of a petition at Milan’s district attorney’s office and one with the Bourse watchdog Consob. The latter gave the green light to Cairo Communication’s tender offer to control the publishing group, which includes Italy’s daily newspaper Corriere della Sera and the Spanish El Mundo. At the same time, prosecutors have integrated the petition with an inquiry into alleged stock manipulation and obstruction to the supervisory bodies.
Tod’s chairman and chief executive officer Della Valle, who holds a 7.3 percent stake in the publishing group, has been raising 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, which controls the Sergio Rossi label, and Italian bank Mediobanca, among others. International Media Holding and Pirelli have also filed their own appeals.