Rcs MediaGroup is shooting on the stock market by a theoretical +13,77% after press rumors about an imminent agreement for the sale of the French subsidiary Flammarion to the Gallimard publishing house. The operation would be an alternative to the capital increase for the publisher of 'Corriere della Sera'.
The sale of Flammarion is expected to be worth 220 million euros. The buyer would be Gallimard, the only subject remaining in the tender and the announcement could arrive over the weekend. From Intermonte they state that the sale, if confirmed, would lead to an evaluation of the French business at 9,2 times the 2011 Ebitda and it would constitute a positive newsflow for the stock, removing the hypothesis of a capital increase and reducing the debt by more than 24% at the end of the year.
