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    ALV   DE0008404005

ALLIANZ SE

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Allianz : RCS says no risk provisions needed for Blackstone property dispute

07/30/2021 | 10:33am EDT
RCS MediaGroup S.p.A. logo is seen outside the headquter in Milan

MILAN (Reuters) - The board of RCS MediaGroup decided on Friday not to set aside provisions for legal risks related to the litigation with Blackstone over the sale of the Italian publisher's headquarters in central Milan.

"Having obtained updated valuations of its legal advisors, (RCS) has decided that the conditions for the recording of provisions for risks do not exist," the company said in its first-half results statement.

Last month, Blackstone requested a court in New York to merge two lawsuits related to the disputed property sale, while seeking damages for more than $600 million from the Italian company.

RCS said on Friday the damage request was "based on general and unsubstantiated allegations".

The publisher of influential daily Corriere della Sera launched arbitration proceedings in late 2018 to nullify the 2013 sale to Blackstone, saying the U.S. investment firm had paid too low a price at a time when RCS faced financial difficulties.

Blackstone, which paid 120 million euros ($142.5 million) for the offices, in turn accused RCS of falsely claiming it still owns the building and of improperly blocking its sale to Germany's Allianz but the case in the U.S. was suspended until the arbitration outcome.

In May, a Milan arbitral tribunal ruled in favour of Blackstone, rejecting all claims by RCS.

($1 = 0.8418 euros)

(Reporting by Claudia Cristoferi; Editing by Mike Harrison)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE 0.07% 192.4 Delayed Quote.-4.14%
RCS MEDIAGROUP S.P.A. -0.58% 0.684 Delayed Quote.20.70%
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Sales 2021 142 B 168 B 168 B
Net income 2021 8 363 M 9 842 M 9 842 M
Net Debt 2021 22 832 M 26 868 M 26 868 M
P/E ratio 2021 9,46x
Yield 2021 5,39%
Capitalization 79 020 M 92 964 M 92 990 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,69x
Nbr of Employees 150 269
Free-Float 99,9%
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Number of Analysts 22
Last Close Price 192,40 €
Average target price 230,95 €
Spread / Average Target 20,0%
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Managers and Directors
Oliver Bšte Chief Executive Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Michael Diekmann Chairman-Supervisory Board
Barbara Karuth-Zelle Chief Operating Officer
Renate Wagner Head-Human Resources, Legal & Compliance
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