MILAN – The publishing group L’Espresso, which publishes this newspaper, and Itedi, editor of La Stampa and Il Secolo XIX, join forces in a deal that will bring the new aggregate control about 20% of the Italian market of the press, with a leadership position in the digital market. The announcement was made in trading hours.
It is proposed that both the Espresso group to incorporate Itedi in a merger, according to the 2015 financial statements, brings the new aggregate revenues of 750 million euro with the highest profitability in the sector, with no debt. The union between the newspapers and periodicals of the two groups already can count as a whole of about 5.8 million readers and over 2.5 million daily unique users on their news sites. With warheads that will maintain full editorial independence and Monica Mondardini, present to Cir and Gruppo Espresso, the operation guide of the new company.
“The agreement marks an important milestone for the Espresso Group that starts today new development path, ensuring a solid future in a difficult market – said President Carlo De Benedetti -. the mission of this house has always been the publishing industry, in the service of a civil growth of the country. With this, the ‘commitment is confirmed and increased. “
the protagonists’ statements.
The merger will be based on exchange ratios to be approved by the respective shareholders, but according to the range already established in the agreement just announced Cir, industrial holding company of the De Benedetti family that now controls the Espresso group, will have a share of over 40% of the new group. While Fca (FiatChryslerAutomobiles), which now has in its portfolio 77% of Itedi, will own about 16% of the aggregate with the Perrone family that will continue to be a minority shareholder with a stake of 5%. I met the President of CIR, Rodolfo De Benedetti: “Intesa with prestigious shareholders”. Definitive agreements among all the participants in the agreement must still be signed by 30 June 2016 and the merger to take place in the first quarter of 2017.
Also there are other important consequences of the agreement between L ‘Espresso and Itedi that have impact on the publishing industry and closely concern the competitor RCS Mediagroup. In a statement issued in closed Fca Stock Exchange announced it would distribute to its shareholders all of their investments in the publishing company to concentrate fully in the automobile business. And therefore, these include those for the participation of 16.7% so far held by Fca in RCS, a company that publishes Corriere della Sera. “This operation was accomplished the role, first by Fiat and then by Fca, a sense of responsibility in the course of over four decades, which has saved the publishing group from bankruptcy on three different occasions, ensuring the financial resources necessary to ensure the independence and thus to preserve its authority, “he wrote in a statement Fca.
the distribution of RCS shares will take place prior to the merger between Express and Itedi and directly involves the partner on relative majority of Exor, the Agnelli financial headed by John Elkann family. Exor will receive its share of RCS, just under 5%, but as of today agrees to sell them on the market: “The sale will be carried out in line with the market practice for similar transactions, on time and in appropriate ways.”
different fate, however, for the 5% of the new group that will be born from the merger between Gruppo Espresso and Itedi and Exor you receive from Fca following the announced deployment. That 5% will become part of an agreement with CIR (which will take more than 40% of the share capital) “in order to support the development of this new business project in the publishing field.”
The Bag throughout the session he exchanged according to rumors that have circulated before dell’ufficializzazione took place in closed markets. The title L’Espresso has been rewarded with a jump of 15.89% while the RCS shares climbed 7.21%. In the morning, the board of directors of the Espresso Group had approved the accounts of 2015, closed with a profit of 17 million, double the 8.5 million recorded in 2014.
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