April 9, 2013 / 12:42 PM / 4 years ago

Fiat to subscribe to RCS Mediagroup capital hike

TURIN, April 9 (Reuters) - Italy’s carmaker Fiat will subscribe to RCS MediaGroup capital increase pro rata, Fiat Chairman John Elkann said on Tuesday.

The carmaker owns a stake of around 10 percent of RCS MediaGroup, which plans a recapitalisation of up to 600 million euros in two tranches.

Shares in RCS MediaGroup rose more than 5 percent in early trading on Tuesday on hopes the group of investors controlling the debt-ridden publisher would subscribe to a planned rights issue. (Reporting by Gianni Montani, editing by Antonella Ciancio)

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