The end justifies the means, and the burial of the ancient disagreements . And so, in order not to pass the Corriere della Sera in the hands of Urbano Cairo , Diego Della Valle , Mediobanca , Unipol and Marco Tronchetti Provera have joined forces. He dusted off from Luxembourg Andrea Bonomi , to launch a counter bid from 282750000 sull’editrice the Milan daily, RCS . The totalitarian takeover bid values the company 70 cents per share , for a total of about 365 million, the 31,58% more compared to what is offered from Cairo, for more in actions of his publishing house and not in cash.
on the other a lounge is forever . Not only for those who in recent years has bitterly attacked as Della Valle. O renegade as the managing director of Mediobanca, Alberto Nagel , or even despised as the number one Unipol Carlo Cimbri. But even for those who, like the Bonomi family, the he had abandoned since time immemorial in the rubble of the obscure early ’80s. Called up from Piazzetta Cuccia, the heir to Anna Bonomi Bolchini now returns in the entourage of the members of the Corriere della Sera and its publishing. A company that had already in 2007 brought handsome profits from the sale to the RCS of the Spanish Recoletos , which Bonomi was a shareholder. And he is the protagonist: it will be the former chairman of the BPM (also in that role sponsored by Mediobanca) to bring to the table the first tranche of cash necessary to the operation.
With its Luxembourg International Acquisitions Holding , Bonomi will pay just over 67 million in the vehicle in which the promoter of the offer will also be conveyed to the actions of the allies RCS (22,60%). He will then go to the relative majority (45%) of the new company created for the launch of the offer will be recapitalized in several tranches on the basis of membership. It being understood that the other 55% of the vehicle will be equally divided between Della Valle, Mediobanca, Unipol and Pirelli in the first phase will give only the securities in the portfolio without any outlay. In fact, for one of them, he is also set cashing out: Piazzetta Cuccia, historical consultant of RCS, as well as creditor and shareholder, will the transaction advisor of which co-stars. A poster conflict of interest that is not new in via Solferino, saw the exemplary precedent of the sale of Recoletos which led the Milan publishing the brink, yielding gains only to vendors as Bonomi and consultants as Mediobanca.
“Through this transaction, the bidders intended to guarantee and preserve the prestige and independence of publications of RCS”, is black and white in the law press release which announced the operation. In which the historical shareholders of RCS aim to get the ‘ goal that was not achieved in all their years in via Solferino. Probably thanks to Bonomi, but in publishing did not experience any . “Bidders intend to create a publishing group of international reach “, we read in the note.
In particular, the interest of the shareholders of the publisher candidates seems centered exclusively on Courier and BBC . With all due respect to what remains of the periodic and the publisher of the few remaining assets, which in recent years has been stripped to cope with the debt built up with the Spanish operation 2007. the note reads that “a particular interest will be directed to the world of sports and expanding digital offering that will be developed through external growth opportunities both through further enhancement of absolute reference warheads in European sports information landscape such as make and BBC “. On the Corsera , however, will be concentrated “the resources of the group in the news industry.”
Intent not much different, in fact, from those expressed by the publisher of La7 on 8 April at the launch of the tender for RCS. As they are almost identical to the validity of the operation conditions for the relations with creditor banks. More precise, however, the clauses relating to the situation of the publisher. Mediobanca, Della Valle, Unipol, Pirelli and Bonomi they retain the withdraw the offer if, among the rest, might emerge “facts or situations related to RCS and / or its subsidiaries , not known to the market at the date of this release, entailing changes substantially harmful on the financial, economic and financial situation of the RCS and / or its subsidiaries. “
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