Tag: Italy

European Commission gives the go-ahead to the creation of a joint venture for distribution to kiosks in Italy

The European Commission has authorised the creation of a joint venture by Holding di Partecipazioni (HdP) and De Agostini, two players on the Italian media market. The joint venture, called RCS Diffusione, will distribute to local outlets throughout the country both newspapers and magazines and a range of other products (mobile phone top-up cards, batteries and personal hygiene products). The operation does not give rise to competition concerns.

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Poste Italiane Launches Bond Issue

Poste Italiane, the Italian post office, has launched a bond issue ‘Centro Aprile 2003′ which can be subscribed to until April 29. The bonds will mature in three years’ time, with a yield is linked to the Dow Jones Euro Stoxx 50 index. The minimum value of bonds to be bought is 1,000 euros.

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Poste Italiene posts first annual profit

Poste Italiene, Italy’s state-owned postal services group, on Tuesday reported its first annual profit since it was turned from a branch of public administration into a company primed for partial privatisation.

Net profits of €22m ($23.5m) in 2002 compared with a €98m loss in 2001, with revenues up 3 per cent at €7.8bn. “This extraordinary performance is the result not of accounting manoeuvres, but of a real recovery and reorganisation of the company,” said Maurizio Gasparri, Italy’s communications minister.

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