It will certainly not be a routine meeting, judging by the attitude of the Stock Exchange, that of the major shareholders of Rcs Media Group this afternoon. The stock opened this morning with an eloquent +5%, then reduced during the morning to +2%. But the new signings fall after a sharp rally, amounting to an overall gain of 22% in the past week.
An ups and downs in prices which bears witness to a widespread belief among operators: from next October 31st, when the current shareholders' agreement expires, the publishing company will be more contestable. How and when today's meeting will decide, the first in which John Philip Elkann, the new reference shareholder in favor of maintaining a "light" consultation agreement, e XNUMX Diego Della Valle, the dissident by vocation, who wants to let it be known that he intends to have a free hand over his own actions. Mister Tod's, speaking in recent days at Otto e Mezzo, reiterated the invitation to "three or four" major shareholders to sit down at the table to free "the company from agreements that no longer make sense", excluding any possibility of participating to shareholder agreements.
The reasons why Fiat intends to keep alive a "light" pact relating to governance are easily understood. After the summer blitz, Fiat is much more than a primus inter pares in the control room in via Solferino. It is known that Elkann is the main sponsor of CEO Pietro Scotto Jovane, who confined himself to a strict no comment in the face of the possible corporate wedding between La Stampa and the Corriere della Sera editorial, perhaps preceded by a much more probable operational (and financial) integration of advertising concessionaires and press centres. The passage to Corsera of the personnel manager of La Stampa, whose financial crisis weighs on Fiat's accounts, is certainly not without importance.
Equally understandable, however, the reasons why Mediobanca e Generali they do not intend to make exceptions to the strategic choice of abandoning the logic of agreements, as was already the case with Telecom Italia. Both Banca di Piazzetta Cuccia and the company intend to rigorously follow the logic of value creation, also because there is no margin to keep the living room as good as it is. And publishing, judging by the roadmap of the business plan approved by the RCS shareholders, certainly does not promise pyrotechnic returns in the near future.
Different position ofUnderstanding, in the embarrassing double position of shareholder and creditor, in the field both to supervise the newspaper's "non-compliance" (a role from which Giovanni Bazoli does not intend to withdraw) and the debtor's compliance with deadlines.
In recent days, observers have indulged in counting the various parties. Currently, the agreement has 60,27% shares, with Fiat holding 20,33%. It seems obvious that Mediobanca (14,17%), Fonsai (5,43%) and Generali (0,96%) want to leave the agreement. A farewell from Merloni (0,51%) is also likely, who had already asked in vain for an early exit.
And recently Carlo Pesenti of Italmobiliare (3,92%) said that "in this precise historical moment, agreements, including those of consultation, no longer have a reason to exist", without however specifying his intentions on RCS. At this point, the attitude of Pirelli (5,42%) and Intesa (5,09%) will be decisive for keeping the pact, as well as the minor shareholders, Mittel with 1,33%, Lucchini with 1,3% %, Edison at 1,08%, and Bertazzoni at 0,79%.
Complicating the story is the complicated mechanism for the sale of shares envisaged for the members of the pact. If it falls below 30% and the agreement is liquidated, clauses would be triggered which provide for options and long times (up to 3 years…) for the sale of the shares. Significant stakes outside the agreement remain with the Rotelli heirs (3,37%) and Urbano Cairo (2,84%), as well as Della Valle obviously.
