Exor raises stake in Italian publisher GEDI to over 90%

FILE PHOTO: The Exor logo is seen on investor day held by the holding group of Italy's Agnelli family in Turin, Italy, November 21, 2019. REUTERS/Massimo Pinca

(Reuters) - The Agnelli family's investment holding company, Exor NV EXOR.MI, said on Tuesday it now has a 92.03% stake in GEDI Gruppo Editoriale S.p.A. GEDI.MI following a mandatory tender offer for the remaining shares of the Italian publisher.

Shareholders of GEDI will be paid 0.46 euro per share on July 6, 2020, Exor said in a statement with preliminary results of the mandatory offer that ended on Tuesday. GEDI shares would be delisted following the deal.

Exor in December had agreed to buy a 43.78% controlling stake in GEDI, which publishes prominent Italian daily newspapers La Repubblica and La Stampa, from the De Benedetti family's holding company CIR CIRI.MI for 102.4 million euros ($115.03 million) at 0.46 euro per share.

The company, which had pledged to bid for the publisher’s remaining shares at the same price through its vehicle Giano Holding S.p.A, increased its stake to above 60% before the mandatory offer commenced.

Exor, which is the controlling shareholder in Fiat Chrysler FCHA.MI and Ferrari RACE.MI, also owns 43.4% of the Economist Group.

The company said it plans to apply its experience in the media sector to help GEDI grow, and speed up the publisher’s technological and structural transformation.

Reporting by Ann Maria Shibu in Bengaluru and Giulio Piovaccari in Milan; Editing by Vinay Dwivedi