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Italy business lobby to inject up to 30 mln euros into Il Sole 24 Ore
May 5, 2017 / 12:41 PM / 7 months ago

Italy business lobby to inject up to 30 mln euros into Il Sole 24 Ore

MILAN, May 5 (Reuters) - Italian employer association Confindustria plans to keep a majority stake in publisher Il Sole 24 Ore by investing up to 30 million euros ($33 million) 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 company said last month it needed to raise up to 70 million euros in capital after posting a 92 million euro loss for 2016.

The publisher and several 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.

In documents published on the company’s website ahead of a shareholder meeting, Confindustria said it would invest 30 million euros to keep its stake in Il Sole at just above 50 percent even after the share issue -- implying the actual size of the new share issue will be of around 60 million euros.

The rest of the money needed is expected to come from asset sales, the documents said.($1 = 0.9124 euros) (Reporting by Claudia Cristoferi; writing by Francesca Landini, editing by Valentina Za)

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