The pact fights back

6 June 2005

The publisher s shareholder pact, besieged by raider Ricucci, wants weaklink investors to sell to fellow pact members in case of a bid. It isn t clear how legally effective the agreement will be. But even so, it is likely to make Ricucci s life harder.

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The shareholders that control RCS Mediagroup, the publishing company besieged by real estate investor Stefano Ricucci, are trying to shore up their shareholder pact.

The shareholder group has agreed that, should the publisher of Italian daily Corriere della Sera receive a bid, any pact member who wants to sell out will have to offer its shares to the other pact members first. The other pact members will be able to buy at the same price as the bid.

Under Italian law, if a company receives a bid, any pact member who wants to tender can immediately leave the pact.

Ricucci, a real estate investor who is not part of the RCS pact, has recently bought 16% of the publisher and refused to rule out making a bid. The RCS pact owns 58% of the stock.

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