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Mondadori approves private share sale to strengthen balance sheet
June 17, 2014 / 3:57 PM / 3 years ago

Mondadori approves private share sale to strengthen balance sheet

MILAN, June 17 (Reuters) - Italian publisher Arnoldo Mondadori Editore said on Tuesday it had launched a private placement of shares to raise cash to strengthen its balance sheet and broaden its shareholder base.

The publisher, controlled and managed by the family of former prime minister Silvio Berlusconi, said in a statement it would offer institutional investors up to 29.9 million shares which included 15 million new shares from a capital increase.

It will also sell a further 14.9 million treasury shares, equal to 6.07 percent of capital, it said.

The final price of the new shares will be set at the end of the bookbuilding process.

Reporting by Stephen Jewkes

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