The General Council of Confindustria approved almost unanimously the proposal of the president Vincenzo Boccia concerning the participation of Viale dell'Astronomia in the capital increase aimed at overcoming the financial difficulties of Il Sole 24 Ore.
According to the provisions, the association of industrialists will pay 30 million euros in the company's capital for a recapitalization which, overall, will reach 70 million euros. With today's decision, Confindustria therefore ensures the possibility of remaining Sole's majority shareholder, maintaining legal control over the company.
“The measures proposed today by the General Council are aimed at supporting the industrial plan proposed by the company's management and at modernizing its management model, as well as highlighting the importance of the role of Confindustria as majority shareholder“. This was stated by the president of Confindustria, Vincenzo Boccia, in the note with which the approval of the general council for the capital increase of Il Sole 24 Ore arrives.
“Il Sole 24 Ore – continued Boccia referring to the economic newspaper – plays a central role in the economic and industrial culture of the country and is an independent and authoritative voice of Italian democracy, as well as being fundamental in the institutional and statutory mission of Confindustria as a bridge between companies and the country".
I criticize the Cdr of the 24 Hours Group, according to which Confindustria would have acted too late, giving, among other things, a too limited contribution to saving the company.
“In the face of an already negative patrimony for 40 – the Editorial Board writes in a note -, its absolute inadequacy is evident, as repeatedly and publicly denounced in recent weeks by the editorial staff. A completely frail, bloodless intervention. In questionable ways, in the face of a company that has few rivals in terms of its ability to evaporate the proceeds from the sale of important assets. Lastly, leading the way was the sale of the software area which brought in over 100 million in cash, which vanished in just over a year”, affirm all the group's directors of management, adding that “the timing of the operation makes it completely improbable the occurrence of the condition to which Confindustria has made its availability subject to the subscription of 30 million".
