Rai Way investors seek update on mooted TV towers tie-up - sources (updated)

Rai Way SpA

22/12/2023 16:28

* 
      Tie-up with EI Towers would create national leader
    

        * 
      Fund investors that bought into 2014 IPO back deal
    

        * 
      Conservative govt has taken no decision on Rai Way
    

  
 (Adds bullet points, no comment from HSBC)
    By Elvira Pollina
       MILAN, Dec 22 (Reuters) - A group of investors holding
around 10% of Rai Way's  RWAY.MI  capital has asked for the
board of the state-owned Italian TV towers group to provide an
update on a long-mooted combination with rival EI Towers to
create a national champion, sources said on Friday.
    The request was discussed during a teleconference that
representatives of the investor group held on Thursday with the
chief executive and chairman of Rai Way, the two sources close
to the matter told Reuters.
    A tie-up has been under consideration for years and it has
long been on the radar of the group of both Italian and foreign
fund shareholders, which have all been invested in Rai Way since
it listed in Milan in 2014.    
    The group comprises asset managers Amber Capital, Artemis
Fund Managers, Azimut, Banca Mediolanum, Kairos and HSBC, one of
the sources said. Artemis, Kairos and HSBC declined to comment,
the others did not reply to a request for comment. 
    Addressing the investor request during Thursday's call, Rai
Way Chief Executive Roberto Cecatto and Chairman Giuseppe
Pasciucco said they would raise the issue with the company's
board, the people said.
   State broadcaster RAI, which is Rai Way's main shareholder,
is fully owned by Italy's Treasury and any deal needs a
government green light.
    EI Towers is 40%-owned by MFE-MediaForEurope  MFEB.MI ,
Italy's top commercial broadcaster controlled by the family of
late media tycoon and political leader Silvio Berlusconi.
Italian infrastructure fund F2i holds the remaining 60%.
    Fuelling expectations of a possible deal, then Italian Prime
Minister Mario Draghi approved a decree in 2022 allowing RAI to
more than halve its stake in Rai Way to 30% to create a national
broadcasting tower leader.
    But things have not progressed in any significant way.
    Italy's current conservative government, led by nationalist
Prime Minister Giorgia Meloni, is reviewing options for Rai Way
and has taken no decision so far.
    Economy Minister Giancarlo Giorgetti said in July that RAI
could sell part of its Rai Way stake to other state-backed firms
to fund investments.
    Cecatto in November told analysts that the "industrial and
financial benefits" of a merger "should be seen as a great
opportunity" to create additional value, but the company was
performing well and had good prospects regardless.

 (Reporting by Elvira Pollina; Additional reporting and writing
by Valentina Za; Editing by Keith Weir)
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;))