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THE BLACKSTONE GROUP INC.

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

05/17/2021 | 06:58am EDT

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)


© Reuters 2021
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Financials (USD)
Sales 2021 8 308 M - -
Net income 2021 4 409 M - -
Net Debt 2021 4 557 M - -
P/E ratio 2021 27,0x
Yield 2021 3,18%
Capitalization 63 971 M 63 971 M -
EV / Sales 2021 8,25x
EV / Sales 2022 7,41x
Nbr of Employees 3 165
Free-Float 99,2%
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Technical analysis trends THE BLACKSTONE GROUP INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 92,25 $
Last Close Price 96,38 $
Spread / Highest target 5,83%
Spread / Average Target -4,29%
Spread / Lowest Target -20,1%
EPS Revisions
Managers and Directors
NameTitle
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Jonathan D. Gray President, Chief Operating Officer & Director
Michael S. Chae Chief Financial Officer
John Stecher Chief Technology Officer
Jeffrey Iverson Managing Director-Legal & Compliance
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