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    ALV   DE0008404005

ALLIANZ SE

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Shares in Italy's RCS, controlling firm fall after tribunal ruling

05/17/2021 | 06:58am EDT
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

MILAN (Reuters) -Shares in Italian publisher RCS and its controlling investor Italy's Cairo Communication fell on Monday after an arbitration tribunal ruled in favour of Blackstone over the disputed sale of the RCS headquarters.

RCS launched arbitration proceedings in late 2018 to nullify the 2013 sale of its historic headquarters in central Milan to Blackstone, saying the U.S. investment firm had paid too low a price at a time when RCS faced financial difficulties.

The Milan tribunal rejected all claims advanced by RCS on Friday, a court document seen by Reuters showed.

Shares in RCS Mediagroup were down 3.4% and Cairo Communication stocks fell 7.2% by 0900 GMT, compared with a broadly flat market.

A Milan-based analyst said the shares fell because of concerns that RCS now faced financial risks as a result of two U.S. lawsuits filed by Blackstone that had been put on hold pending the Italian arbitration ruling.

Blackstone declined to comment. RCS referred to comments it made on Friday after the arbitral award, saying the ruling confirmed the group did not act "unfairly or recklessly".

It had said on Friday that this "strengthens the position of the company before the Supreme Court of the State of New York".

The U.S. investment firm previously filed two lawsuits in New York accusing RCS of falsely claiming it still owned the building and of improperly blocking its sale to Germany's Allianz. RCS denies any wrongdoing.

A source close to Blackstone said it was seeking up to $600 million in damages from the Italian publisher and from its chairman and main shareholder Urbano Cairo, who took control of the company in 2016.

RCS' financial report, published on its website, shows it has not set aside risk provisions for the legal dispute.

Italian broker Banca Akros wrote in a report on Monday it was "very sceptical of the actual chances for Blackstone in winning a large compensation".

(Reporting by Claudia Cristoferi, Elvira Pollina, editing by Kirsten Donovan)


ę Reuters 2021
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Financials
Sales 2021 143 B 173 B 173 B
Net income 2021 8 421 M 10 204 M 10 204 M
Net Debt 2021 22 355 M 27 089 M 27 089 M
P/E ratio 2021 10,6x
Yield 2021 4,75%
Capitalization 89 270 M 108 B 108 B
EV / Sales 2021 0,78x
EV / Sales 2022 0,75x
Nbr of Employees 150 269
Free-Float 99,9%
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Technical analysis trends ALLIANZ SE
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Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 232,64 €
Last Close Price 216,65 €
Spread / Highest target 22,3%
Spread / Average Target 7,38%
Spread / Lowest Target -9,99%
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Managers and Directors
NameTitle
Oliver Bńte Chief Executive Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Michael Diekmann Chairman-Supervisory Board
Barbara Karuth-Zelle Chief Operating Officer
Renate Wagner Head-Human Resources, Legal & Compliance
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