June 18, 2013 / 1:17 PM / 4 years ago

RCS' biggest investor won't subscribe to capital hike

MILAN, June 18 (Reuters) - Italian businessman Giuseppe Rotelli, the biggest investor in RCS Mediagroup, does not plan to subscribe to the publisher's ongoing 400-million-euro rights issue needed to keep the company afloat, the company said in a statement.

Rotelli owns 13 percent of RCS through its holding company Pandette and controls indirectly another 3.6 percent of RCS.

The decision not to subscribe to the rights issue, the bulk of which is already guaranteed, could pave the way to a bigger investment in RCS by existing shareholders or the advent of new shareholders. (Reporting by Lisa Jucca)

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