MILAN, July 30 (Reuters) – The board of RCS MediaGroup RCSM.MI selected Friday to not put aside provisions for authorized dangers associated to the litigation with Blackstone BX.N over the sale of the Italian writer’s headquarters in central Milan.
“Having obtained up to date valuations of its authorized advisors, (RCS) has determined that the circumstances for the recording of provisions for dangers don’t exist,” the corporate stated in its first-half outcomes assertion.
Final month, Blackstone requested a courtroom in New York to merge two lawsuits associated to the disputed property sale, whereas looking for damages for greater than $600 million from the Italian firm.
RCS stated on Friday the injury request was “primarily based on basic and unsubstantiated allegations”.
The writer of influential every day Corriere della Sera launched arbitration proceedings in late 2018 to nullify the 2013 sale to Blackstone, saying the U.S. funding agency had paid too low a value at a time when RCS confronted monetary difficulties.
Blackstone, which paid 120 million euros ($142.5 million) for the workplaces, in flip accused RCS of falsely claiming it nonetheless owns the constructing and of improperly blocking its sale to Germany’s Allianz ALVG.DE however the case within the U.S. was suspended till the arbitration consequence.
In Might, a Milan arbitral tribunal dominated in favour of Blackstone, rejecting all claims by RCS.
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(Reporting by Claudia Cristoferi; Enhancing by Mike Harrison)
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