La Bagnaia

RCS's planned capital increase 'will probably be approved'

Pesenti won't say how his company will vote

RCS's planned capital increase 'will probably be approved'

La Bagnaia, May 24 - Italian publishing company RCS's planned 400-million-euro capital increase will probably be approved, according to board member Carlo Pesenti. "It's likely it will pass," said Pesenti about the upcoming May 30 shareholders' vote. Pesenti did not say how his family holding company Italmobiliare, which owns 7.4% of RCS, intended to vote. "We have all the time to make a wise decision, we we will take all of it to make it," he said. Last month Fiat Chairman John Elkann said Fiat would participate in the capital-increase operation being organized by RCS, which is the owner of national daily Il Corriere della Sera, among other companies. 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.

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