Turin

Almost half of RCS shareholders support capital increase

Deadline for pact falls at midnight

Almost half of RCS shareholders support capital increase

Turin, April 12 - So far about 44% of the shareholders of Italian publishing company RCS, owner of national daily Il Corriere della Sera as well as other media companies, have indicated they approve of a planned 400-million-euro capital increase, according to financial sources citing shareholders' pact adherence levels. Participants in the shareholder pact that controls 58% of RCS, which faces bankruptcy unless it successfully raises new capital, need to state whether they plan to back the plan by Friday at midnight. The confirmations will be formalized at a board meeting on Sunday. One of the members of the pact, Italy's largest carmaker Fiat, earlier this week said they planned to back the capital increase. Other leading shareholders include merchant bank Mediobanca, fashion entrepreneur Diego Della Valle - who owns a controlling stake in luxury-goods maker Tod's - and the Benetton family.

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