The integration between the L'Espresso Publishing Group (Gele) and Italiana Editrice (Itedi) continues. After the memorandum of understanding signed on March 2, today comes the announcement of the signing of a framework agreement by Cir (controlling shareholder of Gele), FCA and Ital Press Holding of the Perrone family (shareholders of Itedi).
The operation, as stated in a note, provides for the transfer by FCA and Ital Press of 100% of Itedi to Gele, against a reserved capital increase. Once this transition is complete, Cir will have 43,4% of Gele, while FCA will have 14,63 and Ital Press 4,37%. Subsequently, FCA will distribute the entire stake held in Gele to the holders of its ordinary shares and, consequently, Exor will receive 4,26% of Gele.
Two three-year shareholders' agreements were also signed between Cir-Exor and Cir-Ital Press. Among other things, the agreements provide for John Elkan and Carlo Perrone to sit on Gele's board, while Cir will be appointed chairman and managing director. The closing of the agreement is expected in the first quarter of 2017.
