Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Compagnie Industriali Riunite S.p.A.    CIR   IT0000080447

COMPAGNIE INDUSTRIALI RIUNITE S.P.A.

(CIR)
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

De Benedetti's son hits back in family battle as GEDI earnings drop

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/21/2019 | 01:24pm EST
FILE PHOTO: Italian businessman Carlo De Benedetti participates in a Symbola Foundation meeting, in Montefalco

MILAN (Reuters) - One of the sons of industrialist Carlo De Benedetti rejected his father's "painful" attacks on his and his brother's management of GEDI Gruppo Editoriale, saying they were committed to the group behind some of Italy's top dailies after a sharp slide in quarterly earnings.

Last week De Benedetti, a veteran of the Italian business scene who chaired GEDI for a decade, offered to buy a 29.9% stake as part of a two-stage relaunch plan. At the same time, he launched a blistering attack on his sons Marco and Rodolfo who have run the publisher of the La Repubblica and La Stampa newspapers for the past seven years.

After launching the bid, De Benedetti told the Corriere della Sera newspaper that his sons had "neither the skills nor the passion required to be publishers" and had concentrated solely on looking for a buyer.

"The interview contains an attack on my brother Rodolfo and myself, a subject that is painful for us, which is on a personal level and on which I do not wish to comment", Marco De Benedetti wrote in a letter sent to staff on Monday.

"We are not a wreck of a group, we do not need to be restructured, we are not a rudderless ship," he added.

The dispute between De Benedetti and his sons has transfixed corporate Italy, combining family drama with a battle to control some of the country's best known newspapers, which like their counterparts across the world have struggled to meet challenges from social media and declining advertising revenues.

Earlier on Monday, the publisher reported a sharp decline in net profit in the third quarter to 0.7 million euros from 3.5 million euros ($3.91 million) a year ago and said it did not expect any significant changes in market trends for the full-year.

The company's shares fell almost 9% after the results before trimming losses to close 6% lower.

In a statement accompanying the results, GEDI's board said it was taking appropriate measures to face challenges in the media sector.

"The GEDI Group maintains a solid leadership in daily newspapers, digital media and radio, and adopts measures capable of facing the future, investment and development, and creating sustainable value", it said.

De Benedetti transferred his stake in holding company CIR, which controls nearly 43% of GEDI, to his three sons, Rodolfo, Marco and Edoardo, seven years ago but has been disappointed by the group's performance since. Edoardo does not hold an executive role.

De Benedetti's plan envisages strengthening the company's management and investments in digital. A subsequent step would see him handing his shares to a foundation -- including journalists, managers and individuals from the cultural sectors -- and convincing other shareholders to do the same, he told Corriere della Sera last week.

De Benedetti took a stake in centre-left daily La Repubblica soon after it was launched in 1976 and was associated with the newspaper for decades. GEDI, which emerged from the L'Espresso group behind La Repubblica, merged with the publisher of the Turin daily La Stampa in 2017.

Exor the holding group of Italy's Agnelli family has a stake of nearly 5% in GEDI, according to the latest Consob filings.

(Reporting by Gianluca Semeraro and Giancarlo Navach, editing by James Mackenzie and Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE INDUSTRIALI RIUNITE S.P.A. 0.22% 0.93 End-of-day quote.-0.11%
EXOR N.V. 1.06% 72.16 End-of-day quote.51.08%
GEDI GRUPPO EDITORIALE S.P.A. 0.37% 0.2735 End-of-day quote.-21.47%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COMPAGNIE INDUSTRIALI RIUN
10/21De Benedetti's son hits back in family battle as GEDI earnings drop
RE
07/31CIR COMPAGNIE INDUSTRIALI RIUNITE : Italy's CIR healthcare unit to buy Germany's..
RE
06/10CIR : EGM called to approve merger
PU
06/05GEDI : agreement reached for sale of the equity stake in Persidera
PU
05/22CIR : AGM minutes and company bylaws filed
PU
05/20CIR COMPAGNIE INDUSTRIALI RIUNITE SP : Ex-dividend day for final dividend
FA
04/29CIR COMPAGNIE INDUSTRIALI RIUNITE : Board of Directors Meeting - 2019 First Quar..
PU
04/29CIR COMPAGNIE INDUSTRIALI RIUNITE : CDA CIR - Risultati al 31 marzo 2019
PU
04/29CIR : Financial Statements for 2018 approved, dividend of € 0.039 per share
PU
04/29CIR GROUP : net income € 4.5 mln in first quarter
PU
More news
Financials (EUR)
Sales 2019 -
EBIT 2019 -
Net income 2019 34,8 M
Debt 2019 -
Yield 2019 4,19%
P/E ratio 2019 21,2x
P/E ratio 2020 20,5x
Capi. / Sales2019 -
Capi. / Sales2020 -
Capitalization 596 M
Chart COMPAGNIE INDUSTRIALI RIUNITE S.P.A.
Duration : Period :
Compagnie Industriali Riunite S.p.A. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COMPAGNIE INDUSTRIALI RIUN
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 2
Average target price 1,17  €
Last Close Price 0,93  €
Spread / Highest target 32,3%
Spread / Average Target 25,8%
Spread / Lowest Target 19,4%
EPS Revisions
Managers
NameTitle
Monica Mondardini Chief Executive Officer & Executive Director
Rodolfo de Benedetti Chairman
Michele Cavigioli Director-Group Finance & Investor Relations
Carlo de Benedetti Honorary Chairman
Franco Debenedetti Non-Executive Director
Sector and Competitors