Cairo reaches an agreement with Blackstone to buy back the headquarters in Via Solferino
There newsanticipated by Paolo Madron, is sensationalespecially since it comes just two days after the announcement of Urban Cairo not wanting to make provisions for the resolution of the affair with Blackstone. Yet, according to what appears to Affaritaliani.it, the owner of RCS he would have found an agreement with the American fund with which he has been in dispute for seven years for the affair of the sale of the buildings in Via Solferino, the historic headquarters of Corriere della Sera in Milan. Qualified sources report that in the current board of directors in these hours, in addition to the 13 board members several would also participate lawyersnot only belonging to the historic Bonelli Erede studio which follows the events of the entrepreneur of Novara. Rcs buy back from Blackstone the building in via Solferino, the headquarters of Corriere della Sera sold by the publishing house to the US fund in 2013. The agreement reached up foresees a disbursement for Rcs of around 70 million euros: 60 million for the purchase of via Solferino and 10 million to Blackstone as compensation for legal fees. that you protect Cairo from any disbursements – excluding those for legal fees – and prevents the New York sentence of next July 25 from turning into a cleaver for this or that actor.
Briefly the story: at the end of 2013, Rcs – burdened with an enormous amount of debt – had sold the property to Blackstone for 120 million euros, with a lease agreement of 10 million per year. A few years later, in 2018, Blackstone had succumbed for 300 million the headquarters of the Courier in Allianz. But Cairosupported by the lawyer Sergio Erede, he had challenged the sale claiming that the previous transaction had been made through “usury”. Uan offense made even more hateful – for Blackstone – from the fact that its founder Schwarzman it’s a Jew And the injury is perhaps the most terrible for that people tormented over the centuries with this accusation. For this, the fund had sued in Cairo asking 600 million in compensation, 300 for non-sale and 300 for damage caused. Subsequently, the sentences have in fact proved Blackstone right, because at the beginning of June the court of Milanwhile referring to the New York Bar, he had not recognized any improper procedures on the part of Blackstone. Nor had he recognized attacks “Reckless” by Rcs.
On July 25, the New York court would have dought to make a definitive decision. Many think that the sentence would hardly have been “grave” for Cairobut also that it wouldn’t have been easy to get out of it without it having to pay something to the American fund.
Now, therefore, the question could definitively deflate. Easy to think that there have been external interventions to act as peacemakers. Blackstone it is an increasingly active fund in our country. For example, it is the protagonist of the takeover bid – aimed at delisting – with which Edizione is buying back the shares of Atlantia. And it was, together with Cdp And Macquarieone of the key players in the purchase of Autostrade per l’Italia shares from holding of the family Benetton. It is difficult to think that a subject so deeply rooted in our territory could have some conflict with one of the most important exponents entrepreneurship in Italy. After the agreement, the stock was suspended on the stock exchange for excess of rise.
Hot reactions
Urban CairoChairman and CEO of RCS, said: “We are pleased to have reached a settlement agreement with Kryalos And Blackstone on all pending disputes and for the opportunity to repurchase the historic headquarters of Via Solferino. We accept the decisions of the Arbitral Tribunal and the Court of Appeal, who have ascertained the correctness of the work of Kryalos and Blackstone and the absence of wrongdoing or bad faith in relation to the 201 operation3. Consequently, RCS acknowledges that Blackstone or Kryalos did not engage in any misconduct and regrets the inconvenience caused by the dispute. Finally, we thank Dr. Claudio Calabi for his contribution to the achievement of this agreement “.
Paolo Bottelli, Chief Executive Officer of Kryalos, said “We have always been sure that we have acted with professionalism and in the best interest of our shareholders, and we are satisfied with the positive resolution of this dispute “. Blackstone declared “We are grateful to the Milan arbitration board and to the Court of Appeal of Milan for confirming that Blackstone has operated in a totally correct manner in relation to the purchase of the 2013. We are pleased that this dispute is now resolved for the benefit of our investors ”.
Satisfaction also in the BonelliErede studio for the results of the long-standing story followed personally by Sergio Erede and who had moments of tension and calm. With the agreement, as accredited sources report, in the study they are convinced that – finally – peace is restored between the US fund and the publishing house.
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