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Italy's CIR says board approves spin-off plan

Fri Sep 5, 2008 7:38am EDT

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MILAN, Sept 5 (Reuters) - Italian industrial holding company CIR (CIRX.MI) said on Friday its board has approved plans to spin off its non-media units and bundle them into a new company to be listed on the Milan bourse. The new company is to comprise CIR's businesses in the areas of utilities, auto components, healthcare and financial services, according to a statement.

CIR, owned by Italy's De Benedetti family, will keep a controlling stake in publisher Gruppo Editoriale L'Espresso (ESPI.MI).

CIR said it had called a shareholders' meeting for Oct. 14 to vote on the spin-off. (Reporting by Milan newsroom; Editing by Greg Mahlich)



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