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Fiat to double stake in RCS to 20.1 pct after cap hike
June 28, 2013 / 4:50 PM / in 4 years

Fiat to double stake in RCS to 20.1 pct after cap hike

MILAN (Reuters) - Italian carmaker Fiat said on Friday it will almost double its stake in RCS Mediagroup, the publisher of influential Italian daily Corriere della Sera, to 20.1 percent after a capital increase that ends next week.

After the stake increase, Fiat - which already controls Turin newspaper La Stampa - will likely become the biggest shareholder in RCS as other investors have been selling their rights and will therefore have their stakes diluted by the cash call.

Fiat said in a statement the stake increase assumes the 400-million euro capital increase is fully subscribed. The company currently holds 10.5 percent of RCS.

Reporting by Silvia Aloisi; editing by Francesca Landini

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