MILAN (Reuters) – Shares in Italian publisher RCS and controlling investor Cairo Communication fell sharply on Monday after a Milan arbitral tribunal ruled in favour of Blackstone in the disputed sale of the headquarters of RCS.
Shares in RCS Mediagroup were down 3.6% and those in Cairo Communication were down 9.2% at 0730 GMT, compared with a broadly flat market.
Italian publisher Cairo Communication is owned by Italian entrepreneur and RCS Chairman Urbano Cairo and holds a stake of just under 60% in RCS, which publishes the influential daily Corriere della Sera.
RCS Mediagroup 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.
But on Friday the tribunal rejected all claims advanced by RCS, a court document seen by Reuters showed.
(Reporting by Elvira Pollina, editing by Giulai Segreti)