December 2, 2019 / 7:35 AM / 2 months ago

Shares in Italy's GEDI suspended from trading, pending statement

MILAN, Dec 2 (Reuters) - The Milan Stock Exchange said on Monday that shares in publishing company GEDI were temporarily suspended from negotiations, pending a statement from the group.

CIR, which is the main investor in GEDI with a 43.8% stake, on Friday said it was in talks with EXOR on a deal that could lead the Agnelli family investment company gaining control of the media group.

CIR is set to accept EXOR’s offer which will be followed by a buyout offer on all of GEDI shares aimed possibly at delisting the group while no break-up is on the cards, a source familiar with the matter said on Sunday confirming newspaper reports.

EXOR, which also holds over 43.4% of The Economist Group, already has a stake of almost 6% in GEDI, which owns national newspapers la Repubblica and La Stampa.

The board of the De Benedetti family holding company CIR, will meet on Monday to discuss the deal. (Reporting by Andrea Mandala and Giulia Segreti, editing by Francesca Landini)

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