Italy's antitrust authority has
opened a preliminary investigation into the takeover of Fiat
Chrysler Automobiles' publishing company Itedi by Espresso
Group, it emerged on Thursday.
The two companies are "both active in newspaper and magazine
publishing, distribution and advertising through various means",
the Antitrust authority said.
Itedi publishes Turin daily La Stampa and Genoa newspaper Il
Secolo XIX, and Espresso Group publishes numerous local papers
as well as leading Rome daily La Repubblica and its sister
weekly l'Espresso.
The integration of advertising dealers Manzoni and
Publikompass, respectively subsidiaries of Espresso Group and
Itedi, "will lead to the creation of monopolies or near
monopolies" in local advertising for daily papers in the
provinces of Turin and Genoa, the Antitrust authority added.
Espresso Group and Itedi signed an agreement to combine their
businesses last August.
Under the deal, Italian holding company CIR will hold 43.4%
capital in the new combined Espresso Group, FCA will hold
14.63%, and Carlo Perrone's Ital Press will hold 4.37%.
FCA will subsequently distribute its entire equity to holders
of its common stock, which will result in Agnelli investment
company Exor receiving 4.26%.
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