Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Italian court rules in favour of Blackstone in RCS property dispute

Published 06/08/2022, 06:53 AM
Updated 06/08/2022, 07:00 AM
© Reuters. FILE PHOTO: RCS MediaGroup S.p.A. logo is seen outside the headquter in Milan, Italy, April 7, 2016.  REUTERS/Stefano Rellandini/File Photo

© Reuters. FILE PHOTO: RCS MediaGroup S.p.A. logo is seen outside the headquter in Milan, Italy, April 7, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - A Milan court has ruled in favour of investment fund Blackstone (NYSE:BX) and rejected an appeal by Italy's RCS Mediagroup against an arbitral tribunal decision on the disputed sale of the headquarters of the publishing company.

RCS Mediagroup, which publishes the influential daily Corriere della Sera, launched arbitration proceedings in 2018 to try to nullify the 2013 sale of its historic headquarters in Milan to Blackstone, saying the price had been too low at a time when RCS faced financial difficulties.

But after an arbitral tribunal ruled in favour of Blackstone last year, a Milan court on Wednesday rejected RCS's appeal on the ruling, a court document seen by Reuters showed.

RCS had no immediate comment. Blackstone declined to comment.

Blackstone, which paid 120 million euros ($128 million)for the offices, had in turn accused RCS of falsely claiming it still owns the building and of improperly blocking its sale to Germany's Allianz (ETR:ALVG) but the case in the U.S was suspended until the arbitration outcome..

© Reuters. FILE PHOTO: RCS MediaGroup S.p.A. logo is seen outside the headquter in Milan, Italy, April 7, 2016.  REUTERS/Stefano Rellandini/File Photo

The U.S fund is seeking $600 million in damages.

($1 = 0.9338 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.