The Engineer Charles DeBenedetti back to the charge of L'Espresso group and formally present a takeover offer of 29,9% of Gedi, which edits the Republic and many other newspapers and of which he is president son Mark. But the Cir, which controls Gedi and which is presided over by the other son Rodolfo, reject the offer. Basically, the children say no to the return of the Engineer in the Espresso group but a story like this cannot be reduced to a simple family saga.
It's hard to think that the match, which could warm up Italian publishing, ends here and it will be interesting to understand what the Engineer's real goals are.
Carlo De Benedetti informed Ansa that on Friday 11 October he presented to Cir spa, through its 99% subsidiary Spa Romed, a cash purchase offer of 29,9% of Gedi spa shares (Espresso Group) at the price closing of the Stock Exchange on Thursday, i.e. 0,25 euro per share, i.e. without majority bonus.
"This initiative of mine is aimed at relaunching the Group with which I have been associated for a long part of my life and which I presided over for 10 years, promoting its extraordinary potential”. "It is clear - adds Carlo De Benedetti - that, knowing the sector well, I am aware of the difficult prospects, but I believe that with passion, commitment, consensus, competence, the Group can have a future consistent with its great history".
The Engineer presents his offer as irrevocable and subject to two conditions: 1) that the members of Gedi's board appointed by Cir resign within two days of the transfer of the shares, "with the exception of John Elkann and Carlo Perrone, who will be able to maintain their current positions and powers"; 2) that Cir undertakes to distribute the remaining shares it owns to its shareholders within a year".
Cir immediately responded by letting it be known that it was considering Carlo De Benedetti's offer "manifestly inadmissible as totally inadequate to recognize Cir spa and all the shareholders the real value of the investment and to ensure long-term sustainable prospects for Gedi”. Carlo De Benedetti's purchase offer it does not contain any premium for control of the Group with respect to the stock market value but it will be all to understand if it will be able to have a sequel and why the Engineer has moved. For avoid the takeover of hostile groups, to prevent the future sale intentions of children or for what other reasons? We will know soon, but what is certain is that the rumors according to which, after difficult years, the major Italian publishing groups may be on the eve of a Big Bang and a change of ownership are confirmed by a move such as that of the Engineer, that everything is except random and improvised.
However, the clash between the Engineer and his children was tough. “I am deeply saddened and baffled from the unsolicited or agreed initiative taken by my father” commented Rodolfo De Benedetti. The reply from Carlo De Benedetti was immediate, who defined Rodolfo's statements as "bizarre" and accused his children of not having "neither skill nor passion” to manage the editorial group. “Rodolfo – the engineer added – is the same person who negotiated the sale of the Espresso Group to Flavio Cattaneo and Marsaglia”, partner of the Peninsula fund where several former Mediobanca bankers work.
