Torino

Fiat will back RCS capital increase, John Elkann says

Restructuring plan for Corriere della Sera's parent 'credible'

Fiat will back RCS capital increase, John Elkann says

Torino, April 9 - Fiat SpA Chairman John Elkann on Tuesday said Fiat would participate in the 400-million-euro capital-increase operation being organized by Italian publishing company RCS, owner of national daily Il Corriere della Sera, among other companies. On Tuesday, Elkann, one of the heirs to the Fiat empire and the controlling Agnelli family's public face, said "Fiat will adhere to the capital increase (because) the plan is credible". However, Elkann didn't commit to participating in an eventual purchase of unsold shares. "It's very premature, we'll see ahead when there's a better idea of the amount of unsold shares". Fiat is one of several members of a shareholder pact that controls 58% of the Italian publisher, which faces bankruptcy unless it successfully raises new capital. Other leading shareholders include merchant bank Mediobanca, fashion entrepreneur Diego Della Valle (majority owner of the Tod's Group) and the Benetton family. According to press reports, not all members of the shareholder pact agree to the restructuring plan which would be put in place following the capital increase.

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