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Italy: State TV board says EI Towers cannot proceed

By  |  April 16, 2015

The planned 1.2 billion euro offer by Italian broadcast tower operator EI Towers to acquire state-controlled rival Rai Way cannot go ahead in its current form, market watchdog Consob said on Monday.

EI Towers, controlled by former Prime Minister Silvio Berlusconi’s Mediaset group, announced its bid back in February but met with resistance from the government which said at least 51 percent of Rai Way should remain in state hands.

Last Friday, EI Towers revised its offer, saying it was now conditional on securing a stake of at least 40 percent, against an earlier demand of at least two thirds of Rai Way capital.

 

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