Milan prosecutors open probe into Cairo's RCS takeover

(ANSA) - Milan, July 25 - Milan prosecutors have opened a probe into Cairo Communication's takeover bid for RCS, the publisher of top Italian newspapers Corriere della Sera and La Gazzetta dello Sport, ANSA sources said Monday. The investigation was opened following a complaint by a rival bidder, International Media Holding (IMH). At the moment no individuals have been put under investigation and an alleged offence has not yet been formulated. Last week Italian stock-market watchdog CONSOB said that it saw no reason for now to stop Cairo Communication's takeover of RCS following a petition from IMH, a vehicle established by RCS investors including businessman Diego Della Valle to launch a rival bid for the group.