RCS investor group Proto ups stake to 3.4 pct

MILAN Oct 22 (Reuters) - A group of RCS MediaGroup investors represented by Italian financier Alessandro Proto has increased its stake in the loss-making Italian publiser to 3.4 percent from 2.8 percent, Proto said on Monday.

A fifth investor with 0.6 percent of RCS joined the group of shareholders who earlier this month bought a 2.8 percent holding, Proto Organisation, his consultacy firm, said in an emailed statement.

The little-known businessman offered last week to buy 5.1 of RCS stake from the Benetton family at a 130-percent premium, sending the shares up more than 10 percent.

RCS shares were volatile on Monday amid ongoing talk of a possible shake-up in its shareholder base. By 0245 GMT they were down 1.45 percent. (Reporting By Danilo Masoni)