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Italy business lobby approves 30 mln euro injection into Il Sole 24 Ore
May 11, 2017 / 12:42 PM / 4 months ago

Italy business lobby approves 30 mln euro injection into Il Sole 24 Ore

ROME, May 11 (Reuters) - The board of the Italian employers association Confindustria approved on Thursday the injection of 30 million euros ($32.5 million) into publisher Il Sole 24 Ore in an upcoming cash call needed to keep to group afloat.

Confindustria currently owns 67.5 percent of Il Sole 24 Ore group, which publishes Italy’s main financial daily.

The board of the publisher said on Wednesday it would proposed a cash call of no less than 50 million euros.

The publisher and several of its former managers are under investigation by Italian prosecutors for allegedly issuing false corporate statements. The group has 50 million euros in debt coming due in October. ($1 = 0.9223 euros) (Reporting by Antonella Cinella; writing by Francesca Landini)

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